• Hamilton Reserve Bank which is an ISB holder filed legal action against Sri Lanka for defaulting. However they suspended the case after former President Wickremesinghe completed a successful round of discussions with them

By Yohan Perera 

Whilst highlighting the delay in the release of the the third tranche by the IMF, UNP Deputy Leader and New Democratic Front (NDF) Candidate Ruwan Wijewardene said Sri Lanka is losing the economic stability it had achieved during the past two years.   

“IMF’s third tranche is delayed to next year as the government is currently negotiating with the IMF on debt restructuring programme. This has resulted in Sri Lanka losing its economic stability once again,” Wijewardene told a press conference.   

“Sri Lanka managed to obtain assistance from IMF as the former administration managed to complete the debt restructuring programme in three phases. The previous government managed to restrict domestic debt in 2023 and then reached an agreement with official creditor countries. Lastly an agreement was reached with International Sovereign Bond (ISB) holders on September 8 this year. 

However  things seemed to have changed now as Some ISB holders have begun to question Sri Lanka.  An issue has arisen as some in the government have wanted to amend the debt restructuring programme,” he added.   

“Hamilton Reserve Bank which is an ISB holder filed legal action against Sri Lanka for defaulting. However they suspended the case after former President Wickremesinghe completed a successful round of discussion with them. However Hamilton Bank has restarted the law suit once again. This will result in another economic crisis as far as Sri Lanka is concerned. Those in the government do not understand the serious nature of this situation due to their inexperience,” he said,