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Economics

Sri Lanka Gets Closer to IMF Funds With Local Bond Swap Deal

  • Government gets $10 billion of offers from retirement funds
  • Local currency and bonds were little changed after the move

A wholesale market in Colombo, Sri Lanka.

Photographer: Thilina Kaluthotage/Bloomberg
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Sri Lanka’s exchange of defaulted local debt for new bonds brought it closer to completing its restructuring this yearBloomberg Terminal, after the nation’s worst economic crisis in decades led to mass protests and the ouster of its leadership in 2022.

The government accepted 3.2 trillion rupees ($10 billion) of offers from superannuation funds, according to a statement on the finance ministry’s website Tuesday.

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