Japan to resume suspended projects in Sri Lanka

24 July 2024 06:16 pm Views - {{hitsCtrl.values.hits}} 18 Bookmark

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Colombo, July 24 (Daily Mirror)- The Government of Japan has officially decided to resume disbursement to Yen loan projects, which have been suspended since Sri Lanka's default in 2022.

The decision has been taken following the completion of the signing of a Memorandum of Understanding (MOU) between the Official Creditor Committee (OCC) and Sri Lanka on 23 July and the expression of the willingness by the Government of Sri Lanka to swiftly conclude a bilateral agreement on debt restructuring.

The Government of Sri Lanka, the Embassy of Japan and Japan International Cooperation Agency (JICA) Sri Lanka Office held a joint media conference to inaugurate this milestone decision at the Ministry of Finance on 24 July.

While congratulating the completion of the MOU on debt restructuring between Sri Lanka and the OCC, Ambassador Mizukoshi Hideaki highlighted the unprecedented
initiative and outstanding contribution by the Government of Japan, as a co-chair of the OCC, in leading and concluding the public debt restructuring.

Ambassador Mizukoshi also commended Sri Lankan authorities for their ongoing efforts in implementing the comprehensive economic and social reforms essential to guide the country back to a sustainable path.

He stated that all the suspended Yen loan projects are crucial infrastructures that promote Sri Lanka’s economic growth and further reaffirmed Japan’s continuous and unwavering commitment to supporting Sri Lanka.

Ms. Ide Yuri expressed her hope that the resumption of Yen Loan Projects will contribute to stabilizing the economy and society of Sri Lanka and help gain momentum toward long-term sustainable growth, thus paving the way for Sri Lanka to recover trust and confidence from the people and private businesses of both Sri Lanka and the world.

It is hoped that the resumption of disbursement to Yen Loan Projects would further strengthen the bond between Japan and Sri Lanka, as well as help this island nation bring itself back on track for further economic development, serving as a hub in the Indian Ocean.

Comments - 18

Hector Perera Wednesday, 24 July 2024 06:45 PM

Sri Lanka, once again on the right track under the guidance of President Ranil Wickramasinghe. He deserves another term, because we want to see the elected Ranil versus appointed. Now he has a very good younger team as oppose to the old UNPers who are in SJB today. Ranil Thamai.

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17 year curse Thursday, 25 July 2024 04:36 AM

Opening of the economy without adhering to a step by step basis in 1977 is the cause of this free fall in the economy. The export and FDI mantra are being heard since then without any progress

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Voter Thursday, 25 July 2024 07:26 AM

Good! That is why Ranil should stop trying to block all forms of elections as he has been doing all this while.

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Sach Thursday, 25 July 2024 11:06 AM

Ranil is the sole reason for the current economic crisis. He is the one who piled 12.5 billion ISBs.

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Smh Wednesday, 24 July 2024 07:22 PM

Excellent news. Hope any money from the projects are not swindled.

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Chris Wednesday, 24 July 2024 08:09 PM

Thank you Japan!

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Dee Wednesday, 24 July 2024 09:24 PM

Be careful of the potential threat by the subversives who are planning to grab power by the peoples vote. People are foolish. They have been the root cause of all the economic fallbacks from the seventies!

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Tissa Fernando Thursday, 25 July 2024 04:52 AM

Very true. The subversives are not proving any plan to revive the economy. Damage to the economy by their actions would be in trillions of ruppees. Similar type of subversives created massive looses in Bangladesh recently fir sone job quota issue . These subversives are contractors of foreign countries to carry out disruptive activities. That is how our JVP became so rich.

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GERIATRIC RETIREE WITHOUT PENSION - TAX PAYER SINCE 1975. Thursday, 25 July 2024 07:50 AM

WELL SAID... Country lost bearings after 1970 and especially after became a Republic. Dominion Status was much better... VOTERS WERE IGNORANT; Even the present voters, especially the very young are SUPER-IGNORANT!

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ex-UNPer Thursday, 25 July 2024 09:02 AM

@Dee - How enlightening! The people and their subversive minds are the root cause of all economic fallbacks and certainly not the deceiving corrupt politicians who have been in power from the seventies. This must be why our great unelected leader RW and his team are doing their best to avoid all forms of elections and not listen to the foolish people. With a logic like this, SL cant get worse for sure.

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P Kunchithapathan Thursday, 25 July 2024 02:28 AM

This is certainly an exciting news for the country. President Ranil Wickremesinghe had played his role efficiently. During the tenure of the Rajapakses, they heartlessly terminated the Japanese funded Metro Rail project after the successful completion of the feasibility studies by spending huge sum by the Japanese. Then government not only disappointed the Japanese government but the ever suffering daily commuters inside the poor public transport system. That wat way Rajapakses betrayed the nation to please the Chinese.

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Vanish Thursday, 25 July 2024 06:21 AM

How come all these projects,investigations,arrests , bailouts, all happen when elections are around the corner. And disappear soon after

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Roger Thursday, 25 July 2024 06:36 AM

Japan is such a decent country. I wouldn't have come anywhere near this country after how Japan had been treated. We all know what happened to their ambassador's complain about Siripala seeking bribes ; he ended up being a Minister. Unbelievable! There is no guarantee that any incoming SL Government will honour any of these either. SL is not a country to be trusted. SL politicians (intellectually, capability and visionary wise) and Japanese politicians are worlds apart. SL will never reach that level for decades to come.

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Kays Thursday, 25 July 2024 06:56 AM

AKD in Japan. Will the Jeppas try to claim the credit for this? Anyways, expect all knowing (but nothing doing) SP to grumble in his usual pompous style.

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Buddhist Thursday, 25 July 2024 06:59 AM

As long as Nimal Siripala is a minister Japan should not fund any projects. We need Japan to help SL to I.plement law and order and kick out bribe takers.

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Sambo Thursday, 25 July 2024 07:49 AM

With the change of the regime and subject ministers the government of Japan may have decided so.

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Sujja Thursday, 25 July 2024 09:56 AM

Thank you Japan! You have always been a friend indeed. We hope you will extend the light rail back to Sri Lanka, that was robbed by the Rajapaksas who should rot in hell for destroying our motherland. Let's move forward with Ranil...

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Percy Thursday, 25 July 2024 10:35 AM

Great news that Japan is resuming projects in Sri Lanka. The President must as a priority, draw up a Master Plan to provide pipe borne Sewerage projects in all cities and villages, thereby eliminating Septic Tank systems that pollute ground water which promotes dengue and also open unlined drains that breed mosquitoes. Support from World funding and sponsors for aid on health projects may support this cause. Moreover, it will promote Tourism.

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