The government also aims to rework its foreign debt with bondholders and bilateral creditors including China, Japan and India.
Under the domestic debt revamp, holders of locally issued dollar-denominated bonds, such as Sri Lanka Development Bonds (SLDBs), will be given three options, Weerasinghe said.
"We are asking foreign debt holders for a 30% haircut but that is still under discussion," Weerasinghe said.
"Sri Lanka is under enormous pressure to restructure as quickly as possible and get its economy back on track, they need funds to import a lot of goods to reinvigorate their key tourism industry," Lutz Roehmeyer, fund manager at Capitulum Asset Management, who holds Sri Lanka international bonds.
"A 30% haircut is too little given the shape the country's economy is in."
Persons:
Nandalal Weerasinghe, Gotabaya Rajapaksa, Weerasinghe, Lutz Roehmeyer, Uditha Jayasinghe, Rosario, Karin Strohecker, Shilpa Jamkhandikar, Himani Sarkar, Kim Coghill, Simon Cameron, Moore, Toby Chopra
Organizations:
Saturday International, International Monetary Fund, IMF, Sri Lanka Development, Capitulum Asset Management, Sri Lanka, World Bank, Sri, Jorgelina, Thomson
Locations:
COLOMBO, Sri Lanka, Britain, China, Japan, India, United States