A group of bondholders, known as a steering committee, will begin talks as they weigh a proposal from the government to rework the overseas debt that has been in default since 2022, the people said, declining to be named because negotiations are private.

The goal is to reach a deal quickly, the people said, particularly as Sri Lanka is scheduled to hold presidential elections later this year.

The nation’s central bank governor and treasury secretary are due to travel to Europe for discussions with bondholders, President Ranil Wickremesinghe was cited as saying in a language statement from his media unit March 20