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Debt restructuring will be completed by June

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Finance State Minister Dr. Ranjith Siyambalapitiya said that the government’s aim is to complete the domestic and foreign debt restructuring process by June.

Siyambalapitiya said that 90 billion US dollars domestic and foreign debts will be restructured by June.

The State Minister emphasized that the most challenging economic problem faced by the country in recent times was reaching agreements with the creditors to repay the government’s domestic and foreign debts in a concessional manner. Accordingly, the domestic credit optimization has been totally completed by now.

The state minister who commented further in this regard also said by the time the economic crisis occurred in 2022, there was 90 billion dollars in domestic and foreign debt.

Half of it was domestic debt and the remaining half was foreign debt.The domestic credit optimization has now been fully completed. Foreign loans consist of two parts namely multilateral and bilateral loans. The multi-party debt is being paid continuously. However negotiations regarding the restructuring of bilateral foreign debt are currently being held very successfully. We also hope to conclude the negotiations regarding the loan between the countries by the end of March.

Negotiations on sovereign bonds are scheduled to conclude by April. Also, the minister stated that the goal of the government is to complete the debt restructuring process, which is the worst economic problem in this country by June.

The post Debt restructuring will be completed by June appeared first on DailyNews.

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