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Message: <blockquote data-quote="monson" data-source="post: 29679989" data-attributes="member: 30005"><h3>Sri Lanka to Start Restructuring Talks With Investors Next Week, Bloomberg News Reports</h3>By <a href="https://www.usnews.com/news/world/articles/2024-03-20/sri-lanka-to-start-restructuring-talks-with-investors-next-week-bloomberg-news-reports?fbclid=IwAR2o6GJvqpNkQ4eOwmKnp2C4P6kFbE4w9x0XewVTGVCfye51v4tTi4yqiLs" target="_blank">Reuters</a>|March 20, 2024, at 5:20 p.m.(Reuters) - Global investors and Sri Lankan officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, Bloomberg News reported on Thursday.A steering committee, comprising of bondholders, will begin talks as they weigh a proposal from the government to rework the overseas debt that has been in default since 2022, the report said citing people familiar with the matter.The aim is to expedite a deal, particularly since Sri Lanka is due to hold presidential elections later this year, the report added.he government did not immediately respond to a Reuters request for a comment.Sri Lanka said it had shared a fresh debt restructuring proposal with private creditors in mid-February.Foreign Minister Ali Sabry last month told Reuters that the island nation anticipates attracting approximately $5 billion in foreign funds over the next two years once the restructuring of its overseas debt is finalized.The nation defaulted on the debt in May 2022, following a severe shortage of foreign exchange reserves, which triggered the country's worst financial crisis since gaining independence from Britain in 1948.In March last year, Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF), helping to temper inflation, increase state revenue and rebuild foreign exchange reserves.Sri Lanka's economy shrank 2.3% last year, which was better than the 3.6% contraction expected by the IMF.- <a href="https://www.usnews.com/news/world/articles/2024-03-20/sri-lanka-to-start-restructuring-talks-with-investors-next-week-bloomberg-news-reports" target="_blank">https://www.usnews.com/news/world/articles/2024-03-20/sri-lanka-to-start-restructuring-talks-with-investors-next-week-bloomberg-news-reports</a></blockquote>

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