Japan commends Sri Lanka’s economic advancements following crisis

Meeting with President Ranil Wickremesinghe and visiting Japanese Finance Minister Suzuki Shunichi in progress 
PIC BY PMD

• Visiting Japanese Finance Minister expresses keenness in deepening economic ties with island nation
• Outlines potential resumption of yen loans, pending conclusion of an MoU at Official Creditor Committee

Sri Lanka’s efforts to come out from the worst crisis faced since independence was commended by one of its major creditors, Japan, whose Finance Minister expressed keenness in deepening economic ties with the island nation.
Japanese Finance Minister Suzuki Shunichi, during his two-day official visit to Sri Lanka, which ended yesterday (12), pointed out the areas in which the two nations can strengthen relationships. Accordingly, areas such as information technological cooperation and maritime security collaboration came under focus, while the resumption of stalled projects, long-term bilateral cooperation and finalisation of debt restructuring agreements and pipeline projects were emphasised.
Shunichi’s visit is particularly significant amidst the economic challenges faced by Sri Lanka, prompting the implementation of comprehensive reform measures, focusing on macro stability and debt sustainability.

The minister commended President Ranil Wickremesinghe for the efforts taken towards reviving the national economy. According to a statement by the President’s Media Division (PMD), Shunichi specifically mentioned positive trends in GDP and inflation indicators.
Shunichi outlined the potential resumption of yen loans, pending the conclusion of a memorandum of understanding (MoU) at the Official Creditor Committee and continued debt sustainability monitored by the International Monetary Fund.
Meanwhile, Wickremesinghe expressed appreciation for Japan’s lead role in addressing Sri Lanka’s debt issues and emphasised the country’s crucial role in Sri Lanka’s current standing.
Both leaders expressed mutual appreciation for the ongoing support and cooperation between their nations.
Reflecting on the cooperation, Wickremesinghe highlighted the need for further collaboration, particularly in the realms of a competitive green economy and a digital economy. Stressing the importance of focusing on exports to enhance the trade balance, he expressed optimism for the realisation of a new economic model in Sri Lanka.