External Debt Restructuring Discussions To Be Finalized Before November: Ranil Updates Japanese PM

In an encouraging update, President Ranil Wickremesinghe has expressed confidence in the ongoing negotiations aimed at restructuring Sri Lanka's external debt. According to him, the relevant discussions are expected to be finalized between September and November, marking a significant step towards stabilizing the country's economic situation.

President Wickremesinghe made these remarks during preparations for an exchange of views with Japanese Prime Minister Fumio Kishida. The meeting took place at the Prime Minister's office in Tokyo, Japan.

"The negotiations regarding debt restructuring are progressing well," affirmed President Wickremesinghe, exuding optimism about the ongoing efforts to manage the external debt burden.

Last March, Sri Lanka secured a comprehensive loan facility worth 2.9 billion dollars from the International Monetary Fund (IMF). As part of the agreement, the debt restructuring process needs to be established by September, ensuring a viable path forward for the nation's financial recovery.

Experts caution that any delays in implementing the debt restructuring plan could hinder the country's ability to regain economic stability, potentially prolonging the return to normalcy.