BREAKING: Sri Lanka Finalizes Debt Restructuring Agreement with Official Creditor Committee

COLOMBO (News 1st); Sri Lankan authorities have announced that the final agreement has been reached on debt restructuring between Sri Lanka and the Official Creditor Committee on the sidelines of the Paris Forum 2024 in Paris, France. 

The President's Media Division said SriLanka reached a final restructuring agreement for USD 5.8B of debt with its bilateral lenders' Official Creditor Committee. 

This grants significant debt relief, allowing Sri Lanka to allocate funds to essential public services & secure concessional financing for development needs, it added.

State Finance Minister Shehan Semasinghe announced that the Sri Lankan authorities are also in the process of signing  bilateral debt treatment agreements between Sri Lanka and Export Import Bank of China.

"On behalf of Sri Lanka , I would like to sincerely thank the OCC chairs - France, India, and Japan - as well as Export Import Bank of China for their leadership in this process, as well as all OCC members for their unwavering support," said the State Minister.

He also commended the OCC Secretariat for their dedication to finding a resolution to our debt crisis and achieve this significant milestone, which will enhance confidence in Sri Lanka's economy and foster growth. 

Full Tweet Below:

"We are pleased to announce that the final agreement has been reached on debt restructuring between Sri Lanka and the Official Creditor Committee on the sidelines of the Paris Forum 2024 in Paris, France. Today we are also in the process of signing  bilateral debt treatment agreements between Sri Lanka and Export Import Bank of China. On behalf of Sri Lanka , I would like to sincerely thank the OCC chairs - France, India, and Japan - as well as Export Import Bank of China for their leadership in this process, as well as all OCC members for their unwavering support. I also commend the OCC Secretariat for their dedication to finding a resolution to our debt crisis and achieve this significant milestone, which will enhance confidence in our economy and foster growth. I reiterate that the unwavering commitment and leadership of President Ranil Wickremesinghe have been instrumental in steering our nation towards this milestone achievement."