SL’s debt restructuring process on track for completion by December: President
By: Isuru Parakrama
November 12, Colombo (LNW): President Anura Kumara Dissanayake has confirmed that the country’s ongoing debt restructuring process is expected to be completed by December, marking a significant milestone in efforts to restore financial stability.
Addressing supporters at a public rally in Gampaha yesterday (11), the President reassured the nation that the government’s plans to stabilise the economy were well under way, despite the ongoing challenges.
“We are very close to finalising the restructuring process, with only a small portion left to be completed,” President Dissanayake said, providing an optimistic outlook for Sri Lanka’s economic recovery.
The President further outlined that, based on the current trajectory, Sri Lanka would be in a position to begin repaying its restructured debt by 2028. He emphasised that detailed calculations are already in place to manage these future repayment obligations, ensuring that the country remains on a sustainable path to economic growth.
In addition to the progress on debt restructuring, Dissanayake provided an update on Sri Lanka’s engagement with the International Monetary Fund (IMF). He revealed that an IMF delegation would be arriving in Sri Lanka shortly after the forthcoming general election to conduct the third review of the nation’s economic recovery programme.
This review, according to the President, is expected to be completed by the end of January or early February 2025.
With the IMF’s assessment, Dissanayake believes Sri Lanka will have the opportunity to establish a more robust economic foundation, positioning the country for long-term growth and stability.
He expressed confidence that the outcomes of this review would help further solidify the efforts made to stabilise the national economy and improve financial management.
The announcement comes at a critical time for Sri Lanka, as the nation continues to grapple with the economic fallout from previous crises.
Nevertheless, the government’s commitment to restructuring its debt and working alongside international partners like the IMF has generated a sense of optimism amongst economic experts and the public.
