The Minister of State for Finance Shehan Semasinghe says that the successful completion of the bilateral debt restructuring was due to the trust built up internationally in Sri Lanka. Sri Lanka Latest News
The minister mentions that Sri Lanka will be able to move forward by following the standard methods of debt restructuring. Minister Semesinghe expressed these views by participating in the negotiations related to debt restructuring.
The minister said that by this debt restructuring, the loan repayment period will be extended up to 2043 and the loan interest rate will also decrease.
The minister noted that the first two steps of the three parts of domestic debt restructuring, bilateral debt restructuring and agreeing with private bondholders have been completed. Agreements with private bondholders are also moving forward.
Mr. Semasinghe said that through bilateral debt restructuring, the country’s ability to pay debts will increase and as a result, the amount of benefits that can be provided to the common people will also increase. He said that it is expected that the credit rating agencies will express their opinion after considering these matters. Mr. Semasinghe further mentioned that Sri Lanka is an example of debt restructuring and economic recovery in the world today.
