IMF-斯里兰卡主权债务重组：复杂过程的教训（英）-2025.9.pdfVIP

SriLanka’sSovereign

DebtRestructuring:

LessonsfromComplex

Processes

PeterBreuer,SandeshDhungana,andMikeLi

WP/25/175

IMFWorkingPapersdescriberesearchin

progressbytheauthor(s)andarepublishedto

elicitcommentsandtoencouragedebate.

TheviewsexpressedinIMFWorkingPapersare

thoseoftheauthor(s)anddonotnecessarily

representtheviewsoftheIMF,itsExecutiveBoard,

orIMFmanagement.

2025

SEP

©2025InternationalMonetaryFundWP/25/175

IMFWorkingPaper

AsiaandPacificDepartment

SriLanka’sSovereignDebtRestructuring:LessonsfromComplexProcesses

PreparedbyPeterBreuer,SandeshDhungana,andMikeLi

AuthorizedfordistributionbySanjayaPanth

September2025

IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicit

commentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseofthe

author(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.

ABSTRACT:SriLanka’sdebtrestructuringdistinguishesitselffromothersbyitscomplexityduetoa

particularlydiversecreditorlandscapeandnovelinstrumentsissuedintherestructuring.Noteligibleforthe

G20CommonFrameworkforDebtTreatments,SriLankahadtonavigatethechallengesofadiversecreditor

landscape,requiringcomplexcoordinationacrossmanystakeholders.Themajorityofofficialdebtwasheldby

non-traditionalcreditorsoutsideoftheParisClubanddomesticborrowingplayedanimportantroleinSri

Lanka’soveralldebt.Commercialcreditorswereparticularlyinterestedinnewandcomplexinstrumentsthat

wouldshareup-anddownsi