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Wednesday, July 17, 2024

US Ambassador Commends SL’s Debt Restructuring Agreements

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The United States has welcomed Sri Lanka’s finalization of a debt restructuring agreement with creditor nations, achieved today during the Paris Forum 2024. US Ambassador to Sri Lanka Julie Ching described this development as a significant advancement in Sri Lanka’s economic recovery and resilience, contributing to greater confidence in the country’s fiscal stability.

Ambassador Ching emphasized the importance of Sri Lanka continuing its reform efforts, advocating for transparent and sustainable changes that promote long-term prosperity and growth.

Sri Lanka successfully concluded comprehensive debt restructuring negotiations on June 26, 2024, with both the Official Creditor Committee (OCC) and China Exim Bank. These agreements, totaling USD 10 billion, represent crucial steps towards stabilizing the nation’s financial position amidst recent economic challenges.

The restructuring arrangements, overseen by the OCC co-chaired by Japan, India, and France, involve major bilateral lenders and reflect a collaborative effort among international stakeholders including Australia, Austria, Belgium, Canada, Denmark, Germany, Hungary, Korea, the Netherlands, Russia, Spain, Sweden, the United Kingdom, and the United States of America.

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