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Sri Lanka to hire global law firm to aid debt restructuring -official -Breaking


© Reuters. A long line of people wait to purchase kerosene oil to fuel their kerosene cookers, amid the country’s current economic crisis. This was at Colombo Fuel Station, Sri Lanka, March 21st, 2022. REUTERS/Dinuka Liyanawatte

By Uditha Jayasinghe

COLOMBO (Reuters). -Sri Lanka is hiring a global law company to help with restructuring debt ahead of discussions with the International Monetary Fund, an official stated on Tuesday.

In the past two years, the island’s currency reserves fell 70% to $2.31 Billion. It also has to pay $4 billion of debt for the rest of the year.

Sri Lanka has been left struggling to purchase essential imports like fuel and medicine due to its dollar drain. On Tuesday, the government instructed military personnel to station themselves at hundreds of fuel stations to distribute fuel.

Sri Lanka’s Cabinet made Monday the decision to appoint an adviser technical, Ramesh Pathirana said reporters.

He stated that the central bank governor, justice and foreign ministers would supervise the selection process.

The finance minister of Sri Lanka is expected to travel to Washington in the next month to attend IMF talks.

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