Sri Lanka confident of restructuring debt & is NOT anyone's military hub - Ali Sabry

COLOMBO (News 1st); Sri Lanka's Foreign Minister, Ali Sabry PC, said the country is confident is restructuring its debt, just as it secured assurances from its friends and creditors for debt restructuring.

In an interview with Channel News Asia (CNA), the Minister said, "We have introduced cost reflective pricing in so many areas. And SOE reforms are on the card and tax reforms have come into play. So there is a sense of stability in the country, and we have eliminated all sorts of queues and the shortages."

He also stressed that when it comes to debt restructuring, there would be equal treatment to all.

Foreign Minister Ali Sabry is in Incheon, South Korea to attend the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), representing President Ranil Wickemesinghe.

The Annual Meeting is a high-level event attended by around 3,000-4,000 participants, including Ministers of Finance, Governors of Central Banks, Senior Officials of the major global banks, companies and media. 

He told Channel News Asia (CNA) that this year (2023)there could be a recession further, but from next year onward Sri Lanka should be able to see some sort of growth. 

"We are looking at by 2027 that sustainability to retain - return and then with that, probably we'll have access to the financial market. By that time, we should be able to restart paying our debt as an obligation," he said.

The Foreign Minister stressed that Sri Lanka will not allow anyone to use Sri Lanka as a military hub or a port.

"What we have is a commercial arrangement. We are open to do business with north and south. Traditionally, Sri Lanka had never ever taken sides and been part of any blocks.," he said.

The Foreign Minister will deliver a statement at the Governor’s Business Session on 4 May 2023 among other interventions during the period.