Ceylon Chamber calls for political, public support for DDR

Wednesday, 28 June 2023 00:28 - - {{hitsCtrl.values.hits}}

The Ceylon Chamber of Commerce yesterday called for political and public support to the upcoming domestic debt restructuring (DDR) initiative by the Government.

In a statement the Chamber stresses the importance of patience and trust in the domestic debt restructuring process.

“As emphasised by the Central Bank of Sri Lanka, priority focus will be on maintaining financial system stability and ensuring that depositors will not be adversely impacted. It is vital that we collectively allow for comprehensive and thorough examination of the proposed plan, followed by constructive dialogue based on the final document. Only then can meaningful consensus be achieved, keeping the national interest as priority,” the Ceylon Chamber said.

It urged all political parties and stakeholders concerned to act with responsibility and await the finalisation of the proposed debt restructuring plan. “This will be a crucial step of the overall debt sustainability agenda and will assist in driving forward the other crucial reforms connected to it. In recent days, there have been numerous concerns following the announcement of the Government’s intention to restructure Sri Lanka’s domestic debt,” the statement said.

“While we understand these concerns and recognise the right to an open dialogue, we must be mindful of the market sensitivities around restructuring debt and the need to avoid misinformation and speculation, which fuels uncertainty amongst the general public,” the Ceylon Chamber said.

The Chamber said it remains committed to fostering productive, informed dialogue and collaboration amongst all stakeholders. “We trust that all parties involved in the discussion will uphold this principle for the benefit of our nation’s socio-economic development,” it added.