Sri Lanka-France sign debt restructuring agreement

The signing of the bilateral agreement between Sri Lanka and France in relation to the external debt restructuring process is a significant milestone of the external debt restructuring process, the Ministry of Finance stated.  

The official signing ceremony took place yesterday (16) in Colombo, the Finance Ministry confirmed.

The bilateral agreement was signed by Mahinda Siriwardana, Secretary of the Ministry of Finance, Planning, and Economic Development, on behalf of the government and William Roos, Assistant Secretary, Multilateral Affairs, Trade and Development Policies Department, Directorate-general of the Treasury, on behalf of the government of France.

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

The statement by the Finance Ministry added that the government of France played a pivotal role in spearheading Sri Lanka’s external debt restructuring process, co-chairing the Official Creditor Committee alongside Japan and India.

The leadership, commitment, and constructive engagement of the French government have been instrumental in helping Sri Lanka navigate the challenges of economic recovery adding the spirit of cooperation enabled Sri Lanka to make meaningful progress toward restoring debt sustainability, according to the Finance Ministry.

The statement went on to say that the conclusion of the exchange of notes and signing of the agreement will pave the way to developing further the deep and long standing bilateral relationships between France and Sri Lanka.