The government has promised bondholders who did not participate in the Domestic Debt Exchange Programme (DDEP) that procedures to settle payments on existing bonds will begin on March 16, 2023.
In a statement released on March 14th, the Ministry of Finance stated that the procedures had started on March 13th.
The assurance comes after dissatisfied bondholders expressed worries about the failure to pay matured coupons and principal on the due date, notwithstanding previous assurances issued in the aftermath of the Plan.
“The initial instruction covers coupon and principal payments on bonds that matured on 6th February 2023 and 13th February 2023.
“Holders of the afore-listed bonds should therefore expect to receive their payments within the next 48 hours.” The Finance Ministry noted
It further assured that payment dates for subsequent maturities will be communicated in due course “as processing continues”.
It expressed gratitude to all stakeholders for “their forbearance during the Domestic Debt Exchange Programme (DDEP) and subsequent administrative processes”.
