Ranil flops – Sagala

It has been revealed through Sagala Ratnayake, Chief of Staff to the President, that President Ranil Wickremesinghe and SLPP (Pohottu) joint administration has failed to refinance the international sovereign bond debt for two years and had kept the discussions regarding the refinancing completely confidential.
At a press conference held at the President’s Secretariat yesterday (15), Sagala Ratnayake inadvertently let slip a secret. It was revealed that an agreement had been reached on 4 crucial points related to the review of sovereign bonds. However, all parties involved, including international sovereign bond holders, representatives of the Government of Sri Lanka, and international companies acting as financial and legal advisors, were sworn to secrecy about these agreements.
Despite the massive interest on foreign loans, the government’s negotiations with the creditors have hit a wall. Sagala Ratnayake’s statement confirms this lack of progress, attributing it to the need to protect the confidentiality of 4 basic issues. This revelation raises serious questions about the government’s handling of the situation.
It is exceptional that the Presidential Media Unit has made no announcement regarding this press conference held at the Presidential Secretariat.

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