Sri Lanka concluded its bilateral debt restructuring process with France, with the signing of the last implementation letters relevant to the process between the two governments last week (16).

Consequently, the Government of Sri Lanka will be enabled to temporarily resume suspended loan financing from the European nation and secure financing for new projects from all lender agencies of the Government of France to the successful completion of the development projects.

In line with the memorandum of understanding (MoU) signed with the OCC on 26 June 2024, for external debt restructuring of the country, the bilateral agreement on debt restructuring between the Government of France and the Government of Sri Lanka was signed on 16 June.

In light of the above, the signing of the implementing letter with the Agence Francaise de Developpement (AFD) took place at the Ministry of Finance, Planning and Economic Development on 24 July.

The said Implementation Letter was signed by Finance, Planning and Economic Development Ministry Secretary Dr. Harshana Suriyapperuma on behalf of the GoSL, and Agence Francaise de Developpement (AFD) Country Director Yazid Bensaid on behalf of the Government of France.

Subsequently, the Implementation Letters in respect of the Bpifrance Assurance Export and Banque de France were also signed.