SL to appoint financial and legal advisers this week


An official from the Ministry of Finance said the process of selecting financial and legal advisers for the foreign debt restructuring process, in Sri Lanka, has been completed.

Accordingly, the names of the selected international financial and legal institutions will be presented to the Cabinet on Monday for final approval, he said.

More than 50 applications had been received by the closing date, in response to the two RFPs floated by the Central Bank of Sri Lanka (CBSL) and the Ministry of Finance (MoF) for the two roles of financial and legal advisers.

Some of the leading independent debt and restructuring advisers, such as Lazard, Rothschild, Citi and Deutsche Bank are among those that have submitted their applications in response to the RFPs.

A committee headed by the Assistant Governor of the Central Bank has shortlisted the applications received for the appointment of Financial Advisers.

In addition, a committee comprising officials from CBSL, MoF and the Ministry of Foreign Affairs has been appointed for the selection of the Legal Adviser.

The applications shortlisted by these preliminary committees were examined by a more senior Procurement Committee. The Committee includes the CBSL Governor, the Secretary MoF and several other Ministry Secretaries.

It is estimated that the cost of obtaining the services of a financial adviser alone will be between USD 10-15 million.

Sri Lanka is in the process of restructuring about $51 billion in external debts in order to secure a
USD 3.5-4.5 billion IMF loan.  

By Ishara Gamage