Govt. hoping to restructure $17 bn foreign debts within 5-year term: President

27 June 2023 06:43 pm Views - {{hitsCtrl.values.hits}} 13 Bookmark

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The government is anticipating the restructuring of USD 17 billion out of a total of 41.5 billion of foreign debts within a 5-year term, President Wickremesinghe said today.

Speaking at the opening ceremony of the new building of the Gampaha District Secretariat, the President said local debt should also be restructured in line with this.

He assured that the restructuring of local debt will have no impact on the stability of the country’s banking system, including any state or private bank under the supervision of the Central Bank.

The President noted that the local debt restructuring will not affect the deposits in the banking system and will not affect any interest on bank deposits that are currently being paid.

Comments - 13

Lion Tuesday, 27 June 2023 07:01 PM

The debt restructuring action may pave the way for the ouster of this man who has no backing from the biggest majority of this country

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Gamini Tuesday, 27 June 2023 07:18 PM

He knows that he will not do this as he will not last that long. Just lying.

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Dulanjoli Premadosa Tuesday, 27 June 2023 07:26 PM

More than 70% of state salaries are wasted on overstaffing and incompetent personnel.

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Sam Silva Tuesday, 27 June 2023 10:15 PM

Within next five years we will be taking more loans and indebted to keep our country functioning

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Rukshan Wednesday, 28 June 2023 03:18 AM

One of the best Sri Lankan has produced to steer the country when in financial trouble. Hope you are successful and make Sri Lanka a success. Hope the voting public can understand how your leadership brought a country from the brink of economic disaster last year to some stability. If we follow this path, there is a potential to be a developed nation in 2048, but I really hope that voting public can see this.

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Punchi Wednesday, 28 June 2023 07:12 AM

Why don’t we use our unique cunning and implement a unique solution to our foreign debts - nationalise all foreign debt so we don’t owe any foreign entity any money.

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Bernard Jayatilake Wednesday, 28 June 2023 07:25 AM

If calculated correctly, barring any unforeseen interruptions due to bad policy decisions, it would take another 10 years or more to re-structure all foreign debts and the so-called regaining of developing country status would have to be restructured depending on the progress of debt-structuring.

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VJ Wednesday, 28 June 2023 07:59 AM

The DDR plan is not his own, it was requested by the those international debtors? The government expects a reduction in the debt they owe the local banks. Someone has to lose some cash. If not the depositors then it’s the banks. Where does the bank get its money?

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SJ Wednesday, 28 June 2023 08:13 AM

Keep begging.. That's the only thing that all our leaders are good at.

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Punchi Wednesday, 28 June 2023 08:20 AM

More borrowing to pay back borrowed money. Some sort of Ponzi scheme for our international creditors

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Man Wednesday, 28 June 2023 11:10 AM

There is no economic plan other than squeezing the neck of public with many burdens as taxes. No action taken to get compensation over Xpress Pearl disastour, challenging the court case in the UK over the limit of the compensation over Xpress Pearl, to collect money / taxes over Greek bonds, Hedging deals, bond scams and garlic, coconut oil, sugar scams and many more. What a rule. Prosperity indeed.

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Past sins of others chasing behind Ranil Wednesday, 28 June 2023 05:17 PM

One feel sorry for Ranil. He did not take these foreign loans. He did not go on foreign trips to finalize these loans. Former rulers did all these deeds. They and their henchmen enjoyed all these jaunts. And now Ranil is getting the bellyful curse and what not from clueless public.

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Rambanda Panadura Thursday, 29 June 2023 05:27 AM

Please allocate funds to buy many bullet proof cars for MPs. Ignore the public as has been done since 1948.

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