With just a few hours before the planned picketing by the Coalition of Individual Bondholder Groups (CIBG), the Finance Ministry says it has begun paying outstanding principals and coupons owed to the bondholders.
In a statement on Monday evening, the Ministry disclosed that it “has made good its promise [of May 16th, 2023] and settled all outstanding coupons and principal payments up until June 19th, 2023.”
“Instructions have also been sent for the payment of coupons falling due up until today, July 10, 2023”, the statement affirmed.
The government further thanked the Coalition for their support during “this period of tight liquidity,” while assuring them of continuous engagement with its leadership and its commitment to implementing the terms of the MOU.
Responding to the release by the Finance Ministry, the CIBG has cancelled its planned picketing at the premises of the Finance Ministry on Tuesday, July 11, 2023.
“Even before the #OccupyFinance march will begin, victory has been brought to our doors with the government announcing at 11.40 p.m. yesterday of its payment of all outstanding principals and coupons and a commitment to honor the MOU of 16th May 2023.”
“Considering this development, the joint steering committee of the IBF and the IBHAG has decided to suspend the march and picketing unless the Government breaches its commitment again,” the statement added.
Members of CIBG declared on July 5 to protest at the Finance Ministry on Tuesday, July 11, 2023, explaining that their bonds have been overdue by hundred (100) days while a memorandum of understanding (MOU) between them and the Finance Ministry has been delayed in implementation for fifty (50) days.
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