President Ranil Wickremesinghe arrived at Parliament this morning to deliver a special statement regarding the implementation of debt restructuring agreements. Emphasizing the successful outcomes achieved under the four-pronged plan presented two years ago, President Wickremesinghe highlighted significant milestones in Sri Lanka's debt restructuring efforts.

Addressing Parliament, President Wickremesinghe underscored the challenges faced, including current geopolitical trends, yet affirmed Sri Lanka's achievement in securing agreements with bilateral official creditors within a short span of 15 months since the commencement of the IMF program. He noted Sri Lanka's distinction among middle-income nations successfully navigating the debt restructuring process within such a brief timeframe.

Specific details of the agreements with the official creditor committee co-chaired by India, Japan, France, and China Exim Bank were outlined, including extended grace periods for principal repayment until 2028, interest rates maintained at or below 2.1%, and a full debt repayment grace period extended until 2043.

President Wickremesinghe informed Parliament that negotiations concerning the restructuring of commercial debt amounting to USD 14.7 billion are progressing positively, with expectations for completion soon. He pledged to submit all agreements and documents related to debt restructuring to the Public Finance Committee of Parliament for thorough scrutiny and broad attention.

Highlighting substantial progress due to decisive actions, President Wickremesinghe briefed Parliament on the anticipated benefits for Sri Lanka resulting from these developments.