Debt restructuring could collapse amid court case: RW

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.