Country to reach agreement in principle to restructure debt of commercial creditors in couple of months

By Rathindra Kuruwita

Sri Lanka expected to reach an agreement in principle on debt restructuring with commercial creditors within the next couple of months, Governor of the Central Bank (CBSL), Dr. Nandalal Weerasinghe said yesterday (10) addressing a press conference at the CBSL premises.

The press conference was convened to announce the Annual Policy Statement for 2024, where the governor outlined the monetary and financial policies for 2024 and beyond.

Dr. Weerasinghe said good-faith negotiations with commercial creditors were currently in progress.

The country had reached an agreement in principle on debt restructuring with China’s Export-Import (Exim) Bank and the Official Creditor Committee (OCC) in 2023, the Governor said, adding that the government had successfully completed domestic debt restructuring in 2023.

Finalising debt restructuring was vital for economic stability and growth, he said.