Sri Lanka debt advisers may take weeks to hire as economic crisis worsens

Sri Lanka is seeking as much as $4 billion this year to help ease shortages of food, fuel and medicines as its foreign reserves dry up and it heads for a default on its international debt

Sri Lanka may take nearly three weeks to appoint advisers to guide an overhaul of its debt, according to the country’s finance chief, a move seen as key to unlock emergency funds needed to ease its worsening economic crisis.
 

The country is aiming to choose financial and legal advisers in 15 to 20 days, Finance Minister Ali Sabry said in a Bloomberg Television interview with Kathleen Hays and Haidi Stroud-Watts late Wednesday in Washington.

Sri Lanka is seeking as much as $4 billion this year to help ease shortages of food, fuel and medicines as its foreign reserves dry up