Sri Lanka unveils debt restructuring plan to creditors

Uditha Jayasinghe COLOMBO (Reuters) – Sri Lankan authorities will formally hold talks with international creditors on Friday to launch a plan to restructure billions of dollars in debt and equity in response to the island’s worst economic crisis in more than seven decades. The success of the restructuring process for the country million dollars to secure final approval of the International Monetary Fund $2.9 billion in loans and follow-on financing from other global institutions. The money will help the island nation overcome severe food and fuel shortages that have sparked months of mass street protests this year and led to the then President Gotabaya Rajapaksa steps down. Sri Lankan finance and other officials plan to hold a virtual interactive meeting to share their loan agreement with the IMF on September 1 Planned goals and next steps in the debt restructuring process.