News
Country retains services of two international financial and legal advisors to help restructure its external debt
Sri Lanka had hired two international financial and legal advisors to help restructure Sri Lanka’s external debt, Cabinet Spokesperson Minister Bandula Gunawardane told the media on Tuesday.
Gunawardena said that the Cabinet of Ministers had on Monday approved hiring an International Financial Advisory Service provider and an International Legal Advisory Service provider to restructure the external debt of the country.
The Minister said that Lazard Ltd., of France had been chosen for financial advice and Clifford Chance LLP for legal advice.
Minister Gunawardane said that they had received 28 proposals from International Financial Advisory Service providers and 23 proposals from International Legal Advisory Service providers.
The two institutions were recommended by a Steering Committee appointed by the Cabinet.
The two institutions have handled debt talks for dozens of crisis-strained countries in recent years.
Sri Lanka, in April defaulted on its outstanding debt for the first time in its history. (RK)