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U.S encourages Sri Lanka to continue reforms process
26 Jun, 2024
The United States (U.S) is encouraging Sri Lanka to continue the reform process, adopting transparent and sustainable changes that foster long-term prosperity and growth.
The US Ambassador to Sri Lanka, Julie Chung welcomed the?news of a final agreement on debt restructuring between Sri Lanka and creditor nations, reached today on the sidelines of the Paris Forum 2024.
“This is a positive step forward in Sri Lanka?s economic recovery and resilience, helping build more confidence in Sri Lanka?s fiscal environment,” she said on X.
Sri Lanka?signed a deal with creditor nations?to restructure about US$5.8 billion in bilateral debt, the office of the country?s president said on Wednesday (Jun 26), in a move that would help stabilise its?crisis-hit economy.
Officials from the cash-strapped South Asian nation signed the agreement in Paris with the Official Creditor Committee (OCC), which is co-chaired by Japan, India, and France.
?This agreement grants significant debt relief, allowing Sri Lanka to allocate funds to essential public services & secure concessional financing for its development needs,? the president?s media office said in a statement.
Sri Lanka is also in the process of signing separate bilateral agreements with China EXIM Bank to restructure US$4.2 billion of debt, State Minister of Finance Shehan Semasinghe said on social media platform X. (Colombo Gazette)
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