Tag: IMF visit

COLOMBO: Sri Lanka has accepted offers to exchange about $10 billion worth of defaulted local debt for new bonds, the Finance Ministry said on Tuesday, taking it a step towards meeting debt restructuring requirements ahead of an International Monetary Fund (IMF) review.Sri Lanka has been battling its worst financial crisis in more than seven decades after its foreign exchange reserves depleted to record lows and forced the island to default on its debts in May 2022.The bonds, largely from superannuated funds, were eligible for exchange under a domestic...