Turns out Sri Lanka (afka Ceylon) was involved in a sovereign debt restructuring in 1953, as a creditor (!) Likely restructuring export credit (tea or rubber) to germany pre-war, which also included a SCDI linked to german economic growth and exports. researchgate.net/publication/30…
4/5
There were 18 other creditors, mostly European, but also Canada, Ceylon, Iran, Pakistan, and South Africa. Among the European creditors, interestingly enough, was Greece, the memory of which helped spice up the post-GFC discussions on Greek debts to Germany and the EU.
Whilst today’s debt standstill is a positive in terms of beginning the recovery process through debt restructuring and freeing up forex for critical imports, it’s a sad day since this was entirely avoidable if we acted early. This from an internal note on 4th December 2019.
Whilst today’s debt standstill is a positive in terms of beginning the recovery process through debt restructuring and freeing up forex for critical imports, it’s a sad day since this was entirely avoidable if we acted early. This from an internal note on 4th December 2019.
Slide on the immediate steps that could be taken to address the prevailing foreign exchange issues. Lot more structural stuff to be done subsequently but these are the most urgent steps.
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