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Debt restructuring agreements to be signed today

Debt restructuring agreements to be signed today

26 Jun 2024 | BY Sahan Tennekoon

  • Cabinet approves signing with Paris Club et al., delegation led by Treasury Secy. in France 

The Cabinet of Ministers has given the green light for the signing of debt restructuring agreements with the Paris Club and other stakeholders, said Cabinet Spokesperson Dr. Bandula Gunawardana stating that the agreements are scheduled to be signed today (26).

Speaking at the Cabinet press briefing yesterday (25), Dr. Gunawardana stated that the relevant agreements will be signed today and that a delegation comprised of the Secretary of the Finance Ministry, State Ministers, and other relevant officials has already left for France to engage in discussions with the Paris Club group of major creditor countries. 

“As soon as President and Finance and Economic Stabilisation Minister Ranil Wickremesinghe assumed duties, he took measures to discuss the importance of renegotiating debt agreements with countries such as India, Japan, and China and the countries in the Paris Club. The discussions were held for the last two years (2022-2023), and now the discussions have reached its final stages,” he said.

Highlighting the Government's commitment to transparency in these proceedings, Gunawardana further noted that President Wickremesinghe had assured during the Cabinet meeting held on Monday (24) that detailed information regarding all agreements will be submitted to the Parliament. “Additionally, the President intends to communicate this development to the public in his forthcoming address to the nation. The public will be made aware of the systems and procedures suggested by the agreements accordingly,” he noted. 

In response to inquiries from journalists about the timeline for the completion of the negotiations, Dr. Gunawardana remarked: “I cannot mention the exact time frame regarding the matter, since both the negotiations with bilateral creditors and commercial creditors are still underway.”

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