Sri Lanka calls five-day bank holiday for loan restructuring
Plan offers domestic creditors a choice of haircuts, after IMF says authorities must act on debt
Sri Lanka’s authorities closed commercial banks for five working days to allow the country to restructure its domestic loans, starting on June 29.
The country is trying to resolve an economic crisis that has seen it unable to import vital food, energy and medicine. Sri Lanka’s government will ask parliament to approve the domestic loan restructuring proposals on July 1.
The country’s Treasury secretary and central bank deputy governor, Mahinda Siriwardana, said the plan would enable Sri Lanka
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