6 November 2024 10:47 am Views - 515
By Yohan Perera
Sri Lanka’s debt restructuring process could be in tatters if it loses the court case which has been filed by Hamilton Reserve Bank, former President Ranil Wickremesinghe said yesterday.
“Sri Lanka will have to pay 300 million dollars to Hamilton Bank if it loses the case.
Hamilton Bank has recommenced the lawsuit after the government informed the IMF that it intends to amend the debt restructuring process. The important issue is that other international sovereign bondholders will also file action against Sri Lanka, just as Hamilton Reserve Bank did. What would happen to the debt restructuring process in such a scenario? What will happen to the economy in such an eventuality.” he questioned during an election meeting in Kalutara.
“Also, the government should inform the people about the correct position with regard to IMF agreement. A Sri Lankan delegation had discussions with the IMF in Washington recently. One wonders why they could not complete the discussion in Washington. Why should there be another round of talks in Colombo,” Mr. Wickremesinghe also questioned.
“President Anura Kumara Dissanayake is avoiding talking about debt restructuring and the economy. However, he only talks about how I purchased umbrellas and cashew nuts worth millions. I would have been in hospital if I had consumed that much of cashew nuts,” he also said.
*Says govt. should inform people about the correct position with regard to IMF agreement
Hamilton Bank has recommenced the lawsuit after the government informed the IMF that it intends to amend the debt restructuring process. The important issue is that other international sovereign bondholders will also file action against Sri Lanka, just as Hamilton Reserve Bank did. What would happen to the debt restructuring process in such a scenario? What will happen to the economy in such an eventuality.” he questioned during an election meeting in Kalutara.
“Also, the government should inform the people about the correct position with regard to IMF agreement. A Sri Lankan delegation had discussions with the IMF in Washington recently. One wonders why they could not complete the discussion in Washington. Why should there be another round of talks in Colombo,” Mr. Wickremesinghe also questioned.
“President Anura Kumara Dissanayake is avoiding talking about debt restructuring and the economy. However, he only talks about how I purchased umbrellas and cashew nuts worth millions. I would have been in hospital if I had consumed that much of cashew nuts,” he also said.