Sri Lanka Central Bank Governor on Debt Restructuring

Sri Lanka central bank Governor Nandalal Weerasinghe discusses the country’s debt restructuring efforts and the outlook for the economy. The central bank last week held its benchmark rate at a two-decade high to keep Asia’s fastest inflation in check while supporting economic recovery after the nation secured a $3 billion International Monetary Fund bailout. Weerasinghe speaks on the sidelines of the World Bank and IMF’s spring meetings in the US with Kathleen Hays and Shery Ahn on “Bloomberg Daybreak: Australia.” (Source: Bloomberg)

• Process of Debt Restructuring (ongoing and looking at completion)
• China and Financing Assurances (believe China will continue their support)
• Domestic Debt Restructuring (strategy to announce by the end of April)
• Motion on Hamilton Reserve Bank (parallel process, will not affect progress)
• Progress of Reforms (tough and painful reforms already done)
• Inflation Expectations (single digit by the end of 2023)
• Growth Expectations (1% – 2% contraction for 2023, positive growth in 2024)