The government and the Ministry of Finance have postponed the deadline for the Domestic Debt Exchange Program to February 14,2023.
Following a press release, the ministry of Finance said that the deadline for the DDEP which is supposed to be on January 31, 2023, has been extended to February 14,2023. This extension is necessary because of the new revised terms the government is offering the individual bondholders.
According to the new terms, instruments with five years maximum maturity is being offered to individual bondholder below the age of fifty-nine years with a ten percent coupon rate. Also, pensioners will be offered the same maturity period with a fifteen percent coupon rate.
Per this new revision of the terms, it was not noted that participation is voluntary for the individual bondholders.
With these new revised terms, the government urged all stakeholders to participate in the debt exchange program which will help in the improvement of the solidarity of the country’s economy.
On February 2,2023, the government will release a revised exchange memo.