SL President assures to complete debt restructuring and come out of bankruptcy by Sept

By Susitha Fernando
Colombo, May 22 President Ranil Wickremesinghe has assured that Sri Lanka would be able to complete the ongoing debt restructuring programme by September and bring the economy to a stable level.

The President has said that he took over the bankrupt country and brought its
economy to a stable state by going to the IMF.

"The IMF had imposed tough conditions on us. But we had no other options," said
Wickremesinghe, who is also the Finance Minister had introduced severe tax hikes and
other hard financial decision to please the IMF.

He urged all Sri Lankans to work towards getting out of bankruptcy.

"In the past, after Sri Lanka was declared a bankrupt country, no investors came to the country. Former investors left the country. In such an environment, foreign investors are not interested in providing aid to Sri Lanka," Wickremesinghe added.

Facing the worst-ever economic crisis, Sri Lanka in April 2022 suspended the repayment of foreign debts and requested the IMF to intervene.

The IMF offered a $3 billion conditional bailout package to be paid in parts for four years and the package is also to help reduce Indian Ocean island nation's debt by $17 billion through restructuring.

Co-chaired by India, Japan and France, and Paris Club creditors, 17 countries have formally formed an official creditor committee to discuss Sri Lanka's request for a debt treatment.