Government seeks financial advisors and legal consultants on external debt sustainability management

The Government of Sri Lanka, through the Ministry of Finance, has issued Requests for Proposals (RfPs) from interested parties or agencies for the appointment of financial advisors and legal advisers to manage the sustainability of its external debt.

The scope of activity of financial advisers includes assessing debt stock in the context of maintaining sound macroeconomic fundamentals, advising the government on strategies in consultation with relevant stakeholders, assessing the current government budget and highlighting key areas to focus on. in the negotiations.

They will also design a mechanism and processes to achieve said economic and political objectives in pursuit of said debt management and reform.

Among other things, they are also tasked with designing a mechanism to engage with the IMF to best achieve the government’s required discal targets.

Meanwhile, the scope of work of legal consultants will advise the government on strategies to adopt to manage its debt and facilitate the execution of these strategies by consulting with relevant stakeholders.

Review legal and regulatory issues on debt management while outlining key areas to focus on in negotiations, prepare relevant documents to give effect to debt management strategies, negotiate and represent government interests at meetings with creditors, recommend strategies for engaging with official development agencies in relation to possible development assistance during the process of discussion and consensus building with private creditors and official bilateral creditors on possible re-profiling of public debt are part of the tasks entrusted to legal consultants.

The Ministry of Finance said that two or more bidders are allowed to submit a joint bid. The department may consider appointing more than one bidder to conduct the transactions.

In the event that more than one bidder is nominated by the Ministry of Finance, all such nominated bidders shall cooperate and work together, the statement continued.

Shirlene J. Manley