Cabinet Spokesman Minister of Mass Media Bandula Gunawardana says the Cabinet of Ministers has granted approval to the Cabinet paper submitted by President Gotabaya Rajapaksa to obtain the services of international legal and financial advisers to restructure Sri Lanka’s debt.
Speaking during the weekly Cabinet media briefing in Colombo today, Minister Gunawardana said debt restructuring is beyond the knowledge of Sri Lanka adding the issue needs solutions sought by international financial experts.
He said individuals with specialised technical knowledge are crucial to overcome the prevailing crisis.
The Cabinet Spokesman said the Cabinet appointed a Special Committee and a Financial Advisory Technical Committee to identify the necessary individuals.
Minister Gunawardana said after considering all proposals and based on a points system, France-based firm, Lazard was chosen as financial advisers for debt restructuring.
The Minister said a total of USD 5.6 million has been proposed as the charges for four quarters for the relevant services.
He said the government has move towards a fruitful process to resolve the debt crisis.