Debt restructuring to commence on Friday

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The debt restructuring process as agreed to with the International Monetary Fund (IMF) will commence on Friday (23), SLPP MP Major Pradeep Udugoda said.

On 1 September, the IMF reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion.

Speaking at a Media briefing yesterday (21), he said discussions have also been held with Japan, China and India with regard to debt restructuring, adding thereby that the country is moving forward and taking all necessary measures to overcome the economic crisis.

He said political parties should now work together to overcome the economic crisis and address the difficulties faced by the public instead of attempting to fulfill party politics.

Major Udugoda said is easy to criticise steps taken to overcome the crisis but finding the actual solutions was not as easy.

BY Faadhila Thassim