The Official Creditor Committee (OCC) has formally granted a “no objection” clearance, allowing Sri Lanka to move forward with its proposed settlement arrangements for foreign borrowings guaranteed by the government for SriLankan Airlines.
Announcing the development, Secretary to the Ministry of Finance Harshana Suriyapperuma said Sri Lanka has kept markets informed through the Singapore Exchange as part of compliance requirements.
“We have indicated certain arrangements in principle. Agreements and arrangements in terms of sharing information, etc. We are very grateful and happy to inform that OCC has conveyed their position of no objection, supporting Sri Lanka during this difficult time,” he stated.
The clearance, which follows advice from legal experts, marks a significant milestone in the restructuring process.
Sri Lanka has already restructured over 90% of its debt obligations, with officials noting that the remaining steps are expected to be procedural.
“With the support of all parties involved, we should be able to complete them within a short period,” Suriyapperuma added. (Newswire)
