President Ranil Wickremesinghe announced a strategic decision to defer Sri Lanka's debt payments until 2027 in a bid to stabilize the nation’s economy. Speaking at the "Leslie Devendra Sinhavalokanaya" ceremony at the Bandaranaike Memorial International Conference Hall, Wickremesinghe emphasized that while interest payments will continue, principal repayments will be postponed.

The President highlighted the necessity of renegotiating repayment terms, aiming to extend them until 2042 to prevent economic collapse under the current debt burden. Despite this deferral, reliance on imports may lead to additional borrowing, necessitating a focus on repayment strategies.

Wickremesinghe also addressed the government's plan to limit domestic borrowing, impacting funds available from institutions like the Employee Provident Fund. This has sparked a debate on whether to invest domestically or internationally, particularly within trade unions.

The President assured that the government remains committed to strengthening key financial institutions, such as the People’s Bank, Bank of Ceylon, and National Savings Bank, while maintaining government ownership. There are also plans to secure government influence in limited and private banks to bolster the financial sector.

Acknowledging the rise in poverty from 15% in 2019 to 26% currently, Wickremesinghe outlined efforts to reduce it to 10% by 2032, as per the International Monetary Fund's loan conditions. This involves creating livelihood opportunities and improving access to education across all societal segments.