Sri Lanka will hold two separate discussions on debt restructuring prior to talks with private creditors, President Ranil Wickremesinghe informed the Parliament today (26).
Making a special statement in Parliament, the President stated that one discussion on debt restructuring will be held with the Paris Club and India on one platform.
He further stated that a separate discussion on debt restructuring will be held with China after which discussions will get underway with private creditors.
Briefing the Parliament on the agreement with the International Monetary Fund (IMF), the President stated that Sri Lanka is expected to receive financial assistance of USD 3 billion within the next 4 years.
The President revealed that Sri Lanka can expect to obtain a total of USD 7 billion as financial assistance from various institutions following the necessary discussions.
“We cannot put conditions prior to the discussion as it will result in the other party also putting forth conditions. We have to first engage in discussions and then look at the various issues,” he said.
The President further revealed that some banks have raised concerns that the Colombo Stock Exchange (CSE) will collapse due to certain measures taken with regard to the banking system.
“If that is the case and the CSE collapses, then I will shut it down. Various sectors cannot come forth and put conditions at a time when the country is slowly moving forward. The matter will be discussed at the Parliament and a final decision will be taken at the Parliament, which will be conveyed to the relevant sectors,” he said.
President Ranil Wickremesinghe pointed out that 08 months after the unrest in July 2022, Sri Lanka has now made a comeback, stating “This is Sri Lanka’s comeback story.”
The President also urged the whole country, including opposition political parties, to join in the efforts to resurrect Sri Lanka. (NewsWire)