Sri Lanka secures $8 Billion debt relief, says President

5 July 2024 04:31 pm Views - {{hitsCtrl.values.hits}} 19 Bookmark

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Colombo, July 5 (Daily Mirror) - President Ranil Wickremesinghe announced an $8 billion debt relief package in line with the ongoing debt restructuring process.

He said this during the Urumaya Freehold Land Deed Ceremony in Kurunegala today.

This package, which is part of the country's ongoing debt restructuring process, includes $5 billion in loan interest relief from bilateral creditors and a $3 billion debt write-off from commercial creditors.

The President's Media Division confirmed that these measures aim to provide much-needed economic stability and support Sri Lanka’s recovery efforts.

Comments - 19

Nagapala Asbaduma Friday, 05 July 2024 04:39 PM

This Kaalakanniya cheating the people for the last 50 years! No children of his own to re-pay these debt! Myna has taken all money out of the country and filling his coffin to take to Apaya!!

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Unfair and Unethical Friday, 05 July 2024 04:47 PM

$3 billion write off is a light matter to SL government. No wonder the way their expenses are for these so called politicians knowing they can write it off prematurely. Future creditors will be cautious in giving out loans knowing SL will eventually write off a certain amount which will be mainly enjoyed by the government officials and not the citizens. That’s why most of them are having a luxurious lifestyle and galavanting around the globe.

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Rip Winkle Friday, 05 July 2024 05:06 PM

It's the poor, suffering people who will have to pay it back, right?

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Lanka Friday, 05 July 2024 05:10 PM

you will make the next generation to pay for this. More loans more trouble ahead unless we increase our incomes in many folds. Now, bring back all looted money to recover some debts

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Mina Friday, 05 July 2024 05:15 PM

You all made us debtors, we never spent our livelihood on debts. We paid for everything we consumed so it is just a news for us and nothing else

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In the name of personal agency Friday, 05 July 2024 07:48 PM

This is not strictly correct. Part of this Govt debt burden is because of subsidies on essentials (which I assume you consumed) and trying to prop up the Rupee thus making imports cheaper-and again, I assume you used imports. Obviously a part is also attributed to the stupidity and greed of politicians of all sides (I would argue the former two policies themselves are evidence of that stupidity). But let’s not try to absolve ourselves (the public) of all guilt. It may be an u comfortable truth, but we are all complicit in Sri Lanka’s economic failure. We must all work hard to get ourselves out of this mess. Let’s stop passing the buck and take personal responsibility.

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Iwazaru Friday, 05 July 2024 05:21 PM

It is a temporary relief. It got to be paid back with interest. The public do not know how much. I am not bankrupt, Sri Lanka is still bankrupt. That is it.

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Debt free genie Friday, 05 July 2024 05:22 PM

Interest "relief" does not mean SL is off the hook. Interest is paused for a time and will resume hopefully not with compound interest payment. Common man will not understand the terminology. It's better to see the package details published so that there is clarity for the public who ends up paying for all this.

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Slgo Friday, 05 July 2024 05:28 PM

So basically we are loan defaurders??? Yet we brag about our 2500 year rich heritage and crap!!! I can't figure out the logic sometimes.... We take loans from a bank or some loan shark, he or she will collect it even over our dead body or selling my family but why does a country get to write off it's loan given by some creditors??????? Is it summa money for the creditors too???? Any someone enlighten me...

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Anti fools Friday, 05 July 2024 05:33 PM

Hey guys. Debts are not RW's faults. You guys voted for wrong politicians and now pay for it. SP and AKD can't resolve anything; but only protest.

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Krish Friday, 05 July 2024 07:54 PM

Well Rw certainly can't. He has only knows how to take loans. His tenure as prime minister is a good example. Also How can we say that? Anura and Sajith never governed the country as prime minister or president.

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Krish Friday, 05 July 2024 07:55 PM

Then who's? Ours?

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Krish Friday, 05 July 2024 07:55 PM

Then who's? Ours?

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APPUHAMY Friday, 05 July 2024 07:11 PM

The debts aren't RW's fault. You voted for the wrong politicians, and now we're paying the price. SP and AKD can't resolve anything; only thing they can do is finding faults.

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Massdeen Friday, 05 July 2024 07:47 PM

The President is very good at telling lies and misleading the people

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Sambo Friday, 05 July 2024 07:50 PM

We cannot trust what this president says Did the people of country borrow and even more what is it to the country. What benefit will the people get. The monies were stolen and wasted by the politicians so tell these stories to them and not the public.

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Gune Friday, 05 July 2024 08:57 PM

Big achievement. It’s money all politicians who have stollen and the subjects now have applaud for it. With no revenue plan you will time to the people and tax them more to pay off the balance money all of you stole. Shame!!!!!

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Jude Friday, 05 July 2024 09:01 PM

SL Debt over $100 billion and $3 billion write-off not gonna help much!! Government still borrowing money and internally restructuring Debt.

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Christo255 Friday, 05 July 2024 09:30 PM

And weren't you guys who talk badly about RW are the same ones who wanted subsidies on fuel which we do not produce, relief from everything from a loaf of bread to the bottle of liquor which is consumed in huge quantities. Yes you asked and they gave it to you'll and you guys voted happily for them. Now that times are hard blame it on the man who saved you guys from the fuel queues, electricity black outs, empty market shelves etc. What an ungrateful nation

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