Sri Lanka to amend key acts for debt restructuring

Colombo, July 3 Sri Lanka will amend the Inland Revenue Act and the Appropriation Act in line with domestic debt restructuring strategy, State Finance Minister Ranjith Siyambalapitiya said.

The state Minister made the remarks on Sunday when talking to journalists about the next steps to be taken by the government after the parliament approved the domestic debt restructuring plan on Saturday evening.

He said the central bank will publish the decisions reached on Saturday through media and the government will hold discussions with heads of pension funds that are affected by domestic debt restructuring, Xinhua news agency reported.

Siyambalapitiya added there is space for further revisions in the domestic debt restructuring strategy following these discussions.

Sri Lanka's total debt is around $83.6 billion, according to official data. Foreign debt amounts to $41.6 billion, and domestic debt amounts to $42 billion.

Out of the domestic debt, $25 billion are in treasury bonds, $11 billion in treasury bills, $5.6 billion in development bonds and the rest has been taken from various institutions, mainly the Employment Provident Fund.

Sri Lanka's central bank revealed on Thursday that the country is presenting three options to domestic holders of locally issued dollar-denominated bonds.

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