Sri Lanka reaches agreements with external commercial creditors

19 September 2024 05:09 pm Views - {{hitsCtrl.values.hits}} 35 Bookmark

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Colombo, September 19 (Daily Mirror) - Sri Lanka has reached agreements with external commercial creditors to restructure approximately USD 17.5 bn of external debt, achieving a 40.3% Net Present Value (NPV) concession, the President’s Media Division said.

It also announced that Sri Lanka had finalised a deal with China Development Bank to restructure USD 3.3 bn in debt.

“As a result of the debt treatment agreements with Eximbank of China, OCC, CDB, and bondholders, Sri Lanka will have obtained over USD 17 bn of debt service relief during the IMF programme,” the PMD added.

Comments - 35

Joshua Thursday, 19 September 2024 05:22 PM

Good but elections are different kettle or fish. It seems ranil is doing everything based on the election. Too late

17 18

Citizen Thursday, 19 September 2024 10:11 PM

As unelected President please complete all the tasks before you hand over the custody to the new set of rulers .

7 6

Vernon Thursday, 19 September 2024 05:23 PM

You are one of the major fellows, borrowed the highest amount and made SL to be bankrupt.

16 21

Yohan Thursday, 19 September 2024 05:24 PM

You are loosing the election anyway.Bunch of jokers who does not have any clue when it comes to politics. In 2001 this fellow came to power and did a similar economic recovery but it was the slfp and jvp that benefited from it. This time also same going to happen while seeya will go in to history as a joker nothing else.

17 18

Suhada malli Thursday, 19 September 2024 05:25 PM

Congratulations and a big Thank you for the team that did the negotiations. However President RW is making a big mistake by not giving emphasis to the potential risk of further default and need for further IMF funding by about 2027 if all our targets are not achieved. RWs attempt to mitigate risk of deviation by making IMF conditions a part of our law or statute by passing in parameters the ETA Economic Transformation Act is not good enough as next parliament can shift the goal post with a vote to postpone deadlines. If our country is yet not out of the woods though going in the right direction a good statesman should know to communicate same to the people and ready them for the next possible recession or seek everyone's support to prevent the recession.

5 10

Suhada malli Thursday, 19 September 2024 05:30 PM

Need of the hour is a brutally honest President who will talk straight and will be transparent with the truth. We need to give confidence to our foreign diaspora and local industrialists to start investing in Sri Lanka as that will encourage foreign investors. We need to keep citizens alerted of the possible risks at a time when global warfare also is hotting ùp. RW must be a statesman and stop been a politician.

7 11

Veta Thursday, 19 September 2024 05:41 PM

Too late

8 16

Dinuka Thursday, 19 September 2024 05:43 PM

Ranil the man. The guys main focus has been to get Sri Lanka out of a pit, while others have been focusing on pulling his leg and attempting to prevent what he was so focused on delivering on. The electorate which judge each other in a couple of days.

19 20

Athk69 Thursday, 19 September 2024 05:57 PM

This is good news for Sri Lanka. Not too sure, how many will understand its implications though. Hope that as a country, irrespective of political and ideological differences, the good things done, will continue after the elections.

8 15

Rana Thursday, 19 September 2024 06:04 PM

Truely remarkable achievement. Thanks RW for making life little easy for AKD from Sunday onwards.

7 14

Ravi Thursday, 19 September 2024 10:00 PM

AKD won't win. Even he does it's not easy for him since he has to abide by the conditions Ranil has agreed. Lol.

8 6

Citizen Thursday, 19 September 2024 06:17 PM

Will it be the last achievement of RM or will he continue to make more changes? We will get an answer on 22nd Sep....!

5 8

SP Thursday, 19 September 2024 06:21 PM

So Ranil (and his young capable team) has delivered their undertaking in full - honourably and professionally. Just like to hear now what the ‘Comments Brigade’ has to say. Or for that matter Anura and Sajith. Laugh or cry!

12 18

Eddy Thursday, 19 September 2024 06:23 PM

Thank you Mr President! It seems to be a sign of RW retain the power for the next term too.

13 17

SM Thursday, 19 September 2024 06:32 PM

Great! Thanks!

12 14

SLEx Thursday, 19 September 2024 06:54 PM

Amazing news for Sri Lanka. Now to just continue with the progress with whoever comes!

4 17

Buddhist Thursday, 19 September 2024 06:56 PM

First of all, the important part of the statement is "Net Present Value"—the question is how it was calculated and what assumptions were taken into account. Secondly, US$17 bn debt service relief—what are the terms of this relief? How was it calculated? I smell a rat in these statements. In addition, were the agreements signed or only verbal? There have been many a slip between the cup and the lip.

10 8

Ravi Thursday, 19 September 2024 07:04 PM

Thanks Mr. President. Not everyone will appreciate this. But I know you will feel a real satisfaction for this huge achievement. We are truly indebted for your sacrifice and commitment. Without your efforts Sri Lanka would be another Bangladesh by now.

7 20

Nilantha Thursday, 19 September 2024 07:05 PM

Wonderful news. Thanks a lot Ranil.

8 19

Bimal Thursday, 19 September 2024 07:07 PM

Bravo. Nice work Ranil. The entire Sri Lanka will rally around you for your victory on the 22nd.

11 18

Dinesh Thursday, 19 September 2024 07:08 PM

Sri Lanka has underwent lot of suffering, pain and agony due to a simple mistake of not electing you 20 years ago. We will not let that repeat this time.

6 17

Buddhist Thursday, 19 September 2024 07:15 PM

Is it ethical for Ranil to make this move at this time? Sajith and Anura have openly declared that they will renegotiate with the IMF, which means renegotiating certain conditions with the bondholders may also become necessary. Is Ranil doing this knowing very well that by making this move, he will technically place another barrier for new negotiations with the IMF and bondholders?

14 9

Prematilleke mawella Thursday, 19 September 2024 07:29 PM

international sovereign bonds are we borrow from mafia money lenders at a fire rate. Ranil Wickramasinghe from 2015-2019 took $12.5 billion this fire interest rate bonds. now he is trying to show he did a great achievement by agreeing to repay. These loans were not took for the public of Sri Lanka Sri Lankan, but for his own stooges.

14 8

Raj Thursday, 19 September 2024 07:33 PM

This is fishy. What kind of democratic leader would sign such an important agreement on the eve of an election ? Isn’t Ranil a member of world democracy council or something similar? This shows that Ranil expects democracy only from others but he is not practicing.

13 8

Suren Thursday, 19 September 2024 09:24 PM

A responsible leader who has continued to be focused on the main game of getting the economy back in order up to the end of his current term, rather than political campaigning for 6 to 18 months. The electorate will reward his commitment and ethic and reward h8m with their trust for him to lead the country for a further 5 years. Thank you Ranil and the team for a job well done.

4 15

Tissa Fernando Thursday, 19 September 2024 07:37 PM

In desperation, there appears to be a constant flow of lies in the final days prior to the presidential election.

14 8

Liberal One Thursday, 19 September 2024 07:56 PM

NPP will add $17 billion in debt in no time as a result of social hand outs. We will be back to square one in 2027.

7 11

Sarangan L Thursday, 19 September 2024 11:21 PM

You should be writing fictional stories and in Srilanka too. I see many guilible fools here to give thumps up to it.

3 1

2 Bad Thursday, 19 September 2024 08:19 PM

Better late than never. Unfortunately, it doesn't help one bit on RW`s competency in the eyes of the voters as its too late to spin anything towards his advantage and most are now aware that he was primarily responsible for this financial crisis. Certainly, his extravagance in the way he wastes public money doesn't help him either.

10 10

Joshua Thursday, 19 September 2024 08:24 PM

Ok. But the new president will take it forward

11 6

DOT Thursday, 19 September 2024 08:48 PM

Narrow escape !

5 3

Nimal Thursday, 19 September 2024 09:26 PM

Show the Math Professor RW

5 5

Pradeep Thursday, 19 September 2024 09:38 PM

Doing cheap politics at last moment also, it is just a statement by Ranil's media devision, no facts, nobody can question, any matter you will not get even 15% of votes

10 6

M Fernando Thursday, 19 September 2024 09:52 PM

Stop ! Stop ! Please !! I don't think I can take much more Good News in the runup to the election. So many wonderful things, hitherto advertised by the same PMO people as "impossible due to IMF" have miraculously come to pass.! The belt tightening can be loosened, the haircut I was supposed to have is now not necessary, Suddenly : Less Taxes, Increased Minimum Wage, Building Cars, Importing Cars, Cheaper Fuel, Cheaper Water, Cheaper Electricity, Commissions for This, That and the Other. I have not heard of increased Interest for my FD's and retirement savings but we still have a few days so I live in hope ! Desperate Times, Desperate Measures I guess

9 4

Who else is smarter than RW. Thursday, 19 September 2024 10:55 PM

You are the man Hon RW. Now what do you say AKD? Dilakshan, you're going to be very busy tomorrow.

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