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Exceptionalism of Domestic Debt Restructuring in Sri Lanka
Sri Lanka's approach to Domestic Debt Restructuring (DDR) stands out in its specificity and methodology. Notably, the strategy is centred on restructuring superannuation funds and Central Bank Holdings. According to an IMF staff report titled “Issues in Restructuring of Sovereign Domestic Debt” that detailed all 14 DDR episodes from 1998 onwards*, Sri Lanka is the only country that has adopted such a focused approach. The table and the Venn diagram below illustrate a clear deviation from the norm. While all 14 DDR episodes involved the restructuring of the banking sector, and 64% restructured private holdings, none exclusively targeted their pension funds. Only Grenada and Ghana included public pension funds in their restructuring, but these funds were among several other targets.
Featured Insight
Exceptionalism of Domestic Debt Restructuring in Sri Lanka
Sri Lanka's approach to Domestic Debt Restructuring (DDR) stands out in its specificity and methodology. Notably, the strategy is centred on restructuring superannuation funds and Central Bank Holdings. According to an IMF staff report titled “Issues in Restructuring of Sovereign Domestic Debt” that detailed all 14 DDR episodes from 1998 onwards*, Sri Lanka is the only country that has adopted such a focused approach. The table and the Venn diagram below illustrate a clear deviation from the norm. While all 14 DDR episodes involved the restructuring of the banking sector, and 64% restructured private holdings, none exclusively targeted their pension funds. Only Grenada and Ghana included public pension funds in their restructuring, but these funds were among several other targets.
Featured Insight
Exceptionalism of Domestic Debt Restructuring in Sri Lanka
Sri Lanka's approach to Domestic Debt Restructuring (DDR) stands out in its specificity and methodology. Notably, the strategy is centred on restructuring superannuation funds and Central Bank Holdings. According to an IMF staff report titled “Issues in Restructuring of Sovereign Domestic Debt” that detailed all 14 DDR episodes from 1998 onwards*, Sri Lanka is the only country that has adopted such a focused approach. The table and the Venn diagram below illustrate a clear deviation from the norm. While all 14 DDR episodes involved the restructuring of the banking sector, and 64% restructured private holdings, none exclusively targeted their pension funds. Only Grenada and Ghana included public pension funds in their restructuring, but these funds were among several other targets.
Featured Insight
Exceptionalism of Domestic Debt Restructuring in Sri Lanka
Sri Lanka's approach to Domestic Debt Restructuring (DDR) stands out in its specificity and methodology. Notably, the strategy is centred on restructuring superannuation funds and Central Bank Holdings. According to an IMF staff report titled “Issues in Restructuring of Sovereign Domestic Debt” that detailed all 14 DDR episodes from 1998 onwards*, Sri Lanka is the only country that has adopted such a focused approach. The table and the Venn diagram below illustrate a clear deviation from the norm. While all 14 DDR episodes involved the restructuring of the banking sector, and 64% restructured private holdings, none exclusively targeted their pension funds. Only Grenada and Ghana included public pension funds in their restructuring, but these funds were among several other targets.
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SL is closer to rating agencies’ determination on solvency status: CB
Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, is optimistic that completing debt restructuring and beginning repayments will remove the country's 'default' status and restore access to...
2024-07-27
Daily Mirror
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Sri Lanka forex reserves fall to USD 2,267 MN in Oct 2021
Sri Lanka’s gross official foreign exchange reserves fell to 2,267 million US dollars in October 2021, down 73 percent from August 2019 data show, when inflationary policy began with the central bank started buying bonds to target an output gap.
2021-11-07
Economy Next
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Germany pledges to convert EUR 13 MN loan into grant for construction of new maternity hospital in Galle
Strengthening the long-standing close partnership between Germany and Sri Lanka, the German government proposed to convert the supplementary loan obtained from the German KfW bank for completing the New Maternity Hospital (Teaching) Galle into a grant, Finance Ministr...
2021-11-07
Island
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Sri Lanka aims to cut deficit, have non-traditional budget in 2022
Sri Lanka aims to make a ‘significant reduction’ in the country’s runaway fiscal deficit in 2022 and have a ‘non-traditional budget’ senior officials said as the country is also facing severe monetary instability due to artificially low i...
2021-11-03
Economy Next
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Public Finance Committee clears 2022 Appropriation Bill
The Appropriation Bill for 2022 has been approved by the Committee on Public Finance. According to the Bill, which was tabled in Parliament, the total expenditure for 2022 is estima...
2021-10-31
Daily FT
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