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Domestic Debt Restructuring

Sri Lanka faces a challenge to emerge from the continuing crisis. This background note argues that domestic debt restructuring (DDR) provides four benefits critical for the economy and country to emerge from the present crisis stronger and more resilient than before....

Charting a Path for Debt Sustainability in Sri Lanka

Since December 2018 Sri Lanka has been subject to three notches down in rating by S&P, Moody’s and Fitch Ratings. This situation is a historical first for Sri Lanka. While many of Sri Lanka’s key macroeconomic indicators have, in the past recorded more...

Non-Compliance with the Fiscal Management Responsibility Act Has Been a Demonstration of Irresponsibility

The Fiscal Management (responsibility) Act (FMRA), No. 3 of 2003 is a piece of legislation intended to enact fiscal rules in Sri Lanka. . The Act provides for measures to ensure greater transparency and reporting of fiscal performance to fac...

Navigating Sri Lanka's Debt: Better reporting can help – a case study on China debt

The published information on debt underestimates Sri Lanka’s overall external public debt burden and its distribution amongst external lenders. This problem arises because Sri Lanka’s repor...

The Concessionality of Foreign Debt Over Time

In 2007, the majority of Sri Lanka’s foreign loans were concessional. However, this changed in 2018, with commercial loans becoming the major source of foreign d...