President Ranil Wickremesinghe addressed the Parliament today that Sri Lanka will undertake two separate conversations on debt restructuring before speaking with private creditors.
The President made a special announcement in Parliament that a single debt restructuring dialogue with the Paris Club and India will take place on a single platform. He added that after holding a separate conversation with China about debt restructuring, talks with private creditors will start.
Special Announcement in Parliament
The President informed the Parliament of the agreement with the IMF, stating that Sri Lanka is anticipated to receive financial assistance worth USD 3 billion over the course of the following four years.
The President disclosed that, after the appropriate negotiations, Sri Lanka can anticipate receiving a total of USD 7 billion in financial support from various institutions.
- Sri Lanka will undertake two separate conversations on debt restructuring.
- Sri Lanka can anticipate receiving a total of USD 7 billion in financial support from various institutions.
- The President further urged all of the nations to participate in the initiatives to revive Sri Lanka.
We are unable to set any demands before the talk since doing so would force the other party to comply. Before analyzing the numerous problems, we must first have talks, he said.
The President further disclosed that several banks have expressed worry that certain actions made to the banking sector could cause the Colombo Stock Exchange (CSE) to collapse.
If that happens and the CSE collapses, I’ll stop it. At a time when the nation is steadily progressing, different sectors cannot emerge and impose requirements. The issue will be examined in the Parliament, where a final decision will be made and communicated to the pertinent sectors, the speaker stated.
The president of Sri Lanka, Ranil Wickremesinghe, noted that the country had already recovered eight months after the upheaval in July 2022, saying, “This is Sri Lanka’s comeback story.”
The President further urged all of the nation, including the opposition political parties, to participate in the initiatives to revive Sri Lanka.