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Optimism grows for SL’s bankruptcy exit
  • Sri Lanka is hopeful about shedding its 'bankrupt nation' label soon, with key meetings scheduled this week with creditor nations (Paris Club, India, and China's Exim Bank) to finalize debt restructuring.


The Sri Lankan government is optimistic about shedding its 'bankrupt nation' label soon, with crucial meetings scheduled this week to finalize debt restructuring with creditor nations, including the Paris Club, India, and China’s Exim Bank. President Ranil Wickremesinghe expressed hope that these efforts would transition the country out of bankruptcy, a phase marked by economic hardship despite a $3.5 billion loan from India. The IMF has recognized Sri Lanka's progress but noted ongoing vulnerabilities and uncertainties, particularly with debt restructuring and upcoming elections.

President Wickremesinghe emphasized the need to redefine Sri Lanka's economic strategy, moving away from an import-dependent model to a competitive, export-oriented economy. The government plans to enact new economic policies focusing on digital, green, and export-driven growth to attract foreign investments and reduce poverty. A new Economic Transformation Bill is under pre-legislative scrutiny, aiming to ensure policy consistency and support long-term economic transformation despite challenges.

Optimism grows for SL’s bankruptcy exit | Daily Mirror




Daily Mirror