Sri Lanka chooses 2 int'l firms to advise on debt restructuring

COLOMBO, May 24 (Xinhua) -- Sri Lanka has hired two international financial and legal advisors to help restructure the external debt of the Sri Lankan government, cabinet spokesperson Bandula Gunawardena told the media on Tuesday.

He said that the cabinet of ministers on Monday approved hiring an international financial advisory service provider and an international legal advisory service provider to restructure the external debt of the country.

Gunawardena said that they have received 28 proposals from international financial advisory service providers and 23 proposals from international legal advisory service providers.

The two institutions were recommended by a steering committee appointed by the cabinet, and they have handled debt talks for crisis-strained countries in recent years.

Sri Lanka in April suspended the servicing of its external debt.