The discussions focused on key topics such as debt restructuring, the ongoing expansion project at Bandaranaike International Airport (BIA)…reports Asian Lite News
Sri Lankan Prime Minister Dr. Harini Amarasuriya met with Mr. Shohei Hara, Senior Vice President of the Japan International Cooperation Agency (JICA), at the Parliament of Sri Lanka on Tuesday. During the meeting, Mr. Hara reaffirmed JICA’s commitment to supporting Sri Lanka’s development objectives.
The discussions focused on key topics such as debt restructuring, the ongoing expansion project at Bandaranaike International Airport (BIA), and opportunities for further collaboration between Sri Lanka and Japan.
Prime Minister Amarasuriya expressed appreciation for Japan’s support and highlighted the Sri Lankan government’s commitment to poverty alleviation, digitalization, and the “Clean Sri Lanka” initiative.
The meeting was attended by Akio Isomata, Japan’s ambassador, and Kenji Ohashi, the first secretary and head of economic cooperation at the Japanese embassy. The Sri Lankan delegation included Ms. Sagarika Bogahawatta, Additional Secretary to the Prime Minister, Ms. Yasoja K. Gunasekera, Additional Secretary for Middle East & Africa, Mr. Raveen Ubeysekera, Assistant Director for East Asia in the Ministry of Foreign Affairs, along with senior officials from the Ministry of Finance’s External Resources Department.
Meanwhile in December, Sri Lanka successfully concluded its international sovereign bond (ISB) restructuring, bringing closure to one of the most complex and challenging sovereign debt restructuring exercises in recent history, Secretary to the Treasury of Sri Lanka Mahinda Siriwardana said.
A statement issued by the Ministry of Finance, Planning and Economic Development said that Sri Lanka on November 25 launched an official Invitation to holders of its ISBs to exchange their bonds against new debt instruments, as per Xinhua news agency. At the expiration of the offer period, Sri Lanka is very pleased to report an extremely high level of participation across all series, which is expected to result in the exchange of close to 98 per cent of the total outstanding amount of ISBs for new securities.
Meanwhile, Sri Lankan President Anura Kumara Dissanayake said that the implementation of this debt exchange would deliver substantial debt relief for Sri Lanka, freeing up resources in the short and medium term to finance Sri Lanka’s development and social agenda, while restoring the long-term sustainability of our public finances.
He added that the government is committed to using this debt relief and fiscal space to ensure robust macroeconomic fundamentals and economic growth, enabling Sri Lanka to meet future debt service obligations and overall economic objectives.
Sri Lanka defaulted on its external debt in April 2022 and has since engaged in debt restructuring negotiations with both bilateral and commercial creditors under the framework of an IMF programme.
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