In a special statement, President Ranil Wickremesinghe announced that today, debt restructuring agreements were finalized with Sri Lanka’s official creditors in Paris and with the Chinese Exim Bank in Beijing. He emphasized that this development is a significant milestone, bringing good news to all who cherish the country.

President Ranil Wickremesinghe announced that debt restructuring agreements will postpone all bilateral loan payments to foreign countries until 2028. Additionally, Sri Lanka will have until 2043 to repay these loans on concessional terms. The President highlighted that in 2022, Sri Lanka allocated 9.2% of its GDP to foreign debt payments. However, with ongoing efforts, this percentage is expected to decrease to less than 4.5% between 2027 and 2032, reflecting significant fiscal improvement.