President Ranil Wickremesinghe says the government has not taken a final decision on restructuring domestic debt.
Joining the three-day Parliamentary debate on the International Monetary Fund this morning, President Wickremesinghe said when the discussions with foreign debtors are initiated, Sri Lanka would have to take a decision on restructuring its domestic debts.
In a special statement delivered to Parliament today (26), President Ranil Wickremesinghe announced that Sri Lanka is on the path of renaissance and is re-emerging as a success story, with the expectation of support from the entire nation to carry it forward.
The President highlighted the progress made in the Sri Lankan economy, which had previously collapsed due to riots, arson, and state bankruptcy. In just eight months, the country has turned its fortunes around and is now known as the ‘Sri Lanka comeback story’.
The President also spoke about the International Monetary Fund agreement, which he presented to Parliament. He acknowledged that the country had failed to implement previous agreements with the International Monetary Fund, despite entering into 16 such agreements.
However, the President emphasized that there is no other active option for Sri Lanka but to sign an agreement with the International Monetary Fund at present.
President Ranil Wickremesinghe reassured the public that the restructuring of local debt would not harm members of the Employees’ Provident Fund.
Furthermore, he stated that a social safety net has been implemented to protect low-income people and create financial stability in the country.
With these measures in place, the President is optimistic about Sri Lanka’s future and urged the nation to work together towards a brighter future.
