On June 26, 2024, Sri Lankan President Ranil Wickremesinghe announced major developments in the country's economic recovery efforts. Key agreements with the Official Creditor Committee (OCC) and China's Exim Bank will defer all bilateral loan payments until 2028 and provide concessional repayment terms until 2043.

The finalized debt restructuring deals, valued at a combined USD 10 billion, were reached with official creditors in Paris and Beijing. These agreements involve major bilateral lenders, including Japan, India, and France, among others.

Key points from President Wickremesinghe's statement include:

1. Debt Restructuring Milestone: Agreements with bilateral creditors mark significant progress in economic stabilization.

2. Economic Impact: Deferred loan payments and concessional terms until 2043 reduce the government's annual gross fiscal requirement.

3. Revival of Development Projects: The agreements enable the resumption of halted development projects, such as the Katunayake Airport development and the light railway.

4. International Confidence: The deals restore international confidence in Sri Lanka, enhancing credibility and facilitating investments.

5. Economic Improvements: Notable improvements include economic growth, increased foreign reserves, reduced inflation, and a surplus in primary and current account balances.

6. Path to Economic Independence: A four-step plan aims to transform Sri Lanka into a developed nation by 2048, focusing on fiscal discipline, debt stabilization, foreign investment, and a digital green economy.