Sri Lanka, UK Ink Agreement to Ease Debt Burden

COLOMBO (News 1st); The Government of Sri Lanka has entered into a bilateral debt restructuring agreement with the Government of the United Kingdom of Great Britain and Northern Ireland, marking a significant milestone in the country’s ongoing efforts to restore debt sustainability.

The agreement, which follows the Memorandum of Understanding (MoU) signed with the Official Creditor Committee (OCC), includes a debt relief package through the rescheduling of outstanding debts owed to the UK.

The formal exchange of diplomatic notes took place at the Ministry of Finance between Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, and Andrew Patrick, British High Commissioner to Sri Lanka.

Under the agreement, the rescheduled debt amounts to USD 86,068,439.80 and JPY 582,940,944.31. 

The Ministry of Finance said that the agreement is testament to the Government of Sri Lanka's commitment to conclude the restructuring process as soon as possible to restore debt
sustainability and thereby revamp Sri Lanka's economy.

Entering into the Agreement will pave the way to developing further the deep and longstanding bilateral relationships between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Sri Lanka.