Proposals for debt restructuring to be presented to the Cabinet

by Staff Writer 28-06-2023 | 8:39 AM

COLOMBO (News 1st); President Ranil Wickremesinghe said proposals for restructuring both foreign and domestic debt will be presented to the Cabinet on Wednesday (28).

The President said the relevant proposals will also be submitted to the Committee on Public Finance on Friday.

The President said the restructuring of domestic debt will have no impact on the membership balance of any public funds, including the Employees’ Provident Fund.

The President added that the rate of return for superannuation funds will not be affected in any way.

The Head of State said the restructuring of domestic debt will not pose any threat to the stability of the country’s banking system, whether it be public or private banks.

At the same time, the group of government MPs are due to convene at 5pm on Wednesday (28) at the President's Office, chaired by President Ranil Wickremesinghe .

The meeting was called to inform members of the ruling party regarding the restructuring of domestic debt.

Meanwhile, the Speaker issued an an Extraordinary Gazette at the request of the Prime Minister summoning Parliament to meet on Saturday the 1st of July.