Sri Lanka announces $10 bln local bond swap deal ahead of IMF visit

[Collection]Sri Lanka has accepted offers to exchange $10 billion worth of defaulted local debt for new bonds, as part of its debt restructuring requirements. The exchange, which includes 3.2 trillion rupees of eligible bonds, will help reduce the country's Gross Financing Needs over the next 10 years. The success of the exchange will also contribute to achieving Sri Lanka's debt reduction targets set under the IMF program.