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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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Financing
Insights and analysis on the financing of the budget deficit.
WHT and PAYE had the largest growth in Q3 2023
The Fiscal Management Report 2024, recently released by the Ministry of Finance, offers a comprehensive analysis of the government's revenue streams. A notable highlight from the report is the remarkable growth in revenue from two key co...
From The PF Wire
Source:
The Morning
USD purchases improve liquidity
The Central Bank of Sri Lanka (CBSL) is enhancing rupee liquidity by purchasing excess dollars from the market. As of May 17, the total outstanding market liquidity was Rs. 132.8 billion,...
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Source:
Daily Mirror
Market lending rate falls to two-year low as econo...
Last week, the average prime lending rate, a key indicator influencing various loan rates from small businesses to mortgages, reached a two-year low at 10.41 percent, marking a significant drop from its peak of 29.67 percent in November 2022...
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Source:
Daily Ft
SL-IMF program targets positive 2.3% primary defic...
The Sri Lanka-IMF program targets a positive 2.3% primary deficit by 2025 as against 6% negative figure in 2021. Central Bank Governor Dr. Nandalal Weerasinghe said on...
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Insight on Financing
Emergency Credit assistance from IMF: Is...
Background The COVID-19 pandemic has resulted in severe macroeconomi...
Sri Lanka's Borrowing Limits
Can the government borrow more than what it is permitted by the Parliament? The Vote on...
Central Bank’s 30 year Bond Debacle: Tru...
The Sri Lanka...
Strengthening Parliament Critical for Cr...
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Featured
Sri Lanka failed 2 IMF commitments & met 25 by en...
An IMF Programme usually has four main types of commitments: a) Prior Actions - These are steps a country agrees to take before the IMF approves financing or completes...
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Economic Policies in an Election Year: Suggested P...
Dr. Sharmini Coorey is a non-resident fellow at Verité Research. She was a former Department Director at the International Monetary Fund (IMF) and currently a member of the Presidential Advisory Group on multilateral engageme...
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Interest Costs Have Been Eating Up Revenue
In 2023, for the first time in history, the government spent 9% of its GDP on interest payments, which took up 80% of the government revenue. A high interes...
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