Five-member Cabinet to approve financial, legal advisor appoitments soon: PM

As the nation goes into hard default of loans status Prime Minister Ranil Wickremesinghe told Parliament that the five members of the cabinet will meet soon to approve the appointment of financial advisors and legal advisors who are needed to carry out discussions on debt resourcing.

The Prime Minister said this in response to Former Minister of Finance Ali Sabry who said the appointment of financial and legal advisors have come to a standstill as the nation has no full cabinet.

“The Finance Minister and I can go through the names nominated by the Central Bank and others for the financial and legal committees and the five members of cabinet can approve the names,” the Prime Minister said.

The Prime Minister who responded to a question raised by SJB MP Dr. Harsha de Silva who inquired about the cross defaults payments, said it is hard to come out with an exact amount. 

“Some statistics which are available are wrong. Statistics have gone haywire,” he said.

“Sri Lanka is said to have gone into hard default status today, we have been told. Also it is said that there are cross default clauses worth more than US$ 11 million. Also Sri Lanka  has failed to appoint financial and legal experts to get on with debt restructuring,” Dr. de Silva said. (Yohan Perera and Ajith Siriwardana)