Prez reiterates need to go ahead with local debt restructuring

Declaring that the government had been compelled to go ahead with the debt restructuring programme, President Ranil Wickremesinghe yesterday (27) assured that it wouldn’t have a detrimental impact on both state and private banking sectors.

The assurance was given at the opening of a new building at the Gampaha District Secretariat premises.

President Wickremesinghe said that the government intended to restructure USD 17 bn out of USD 41.5 bn of foreign debt within a five-year period.

Accordingly, local debt, too, would be restructured. The President also said that it wouldn’t have any adverse impact on the EPF and ETF.