Hon. (Prof.) Anil Jayantha - Minister of Labour and Deputy Minister of Economic Development

¶ 01 Thank you, Hon. Deputy Speaker. I wish to contribute constructively. On debt restructuring, debt ceiling extension, working with the IMF, there was a view raised that as of 19 September—two days before the Presidential Election—there was no final agreement. While not finally signed, I wish to table two documents.

¶ 02 First, a press release by the Ministry of Finance, Economic Stabilization and National Policy: “Sri Lanka reaches debt restructuring agreements in principle with external creditors on approximately USD 17.5 bn of sovereign debt.” We consistently said we had reached the final stages. We opted for a practical approach to avoid dragging the country into further cost and delay.

¶ 03 Second, an announcement to the Singapore Exchange Securities Trading Limited, where ISBs are traded, by the bondholders based on that press. These show “agreement in principle.” Whether to sign or not is our decision; Lazard and Clifford Chance have advised us. All these understandings are at the final stage; we can sign, with the objective of minimizing cost.

¶ 04 On “odious debt,” we never said we would not pay. If some inferred that from our statements, that is the Opposition’s interpretation. We proceed according to our mandate, not the Opposition’s agenda.