Thursday Feb 06, 2025
Thursday Feb 06, 2025
Thursday, 6 February 2025 05:00 - - {{hitsCtrl.values.hits}}
Sri Lanka has taken a major step towards finalising its debt restructuring process with Japan, with the Cabinet of Ministers on Monday approving the signing of exchange notes and an amended agreement with the Japan International Cooperation Agency (JICA).
The decision follows bipartisan negotiations between the Government of Sri Lanka and Japanese officials, paving the way for a formal agreement once discussions with the Official Creditor Committee (OCC) are concluded.
In June 2024, Sri Lanka signed a Memorandum of Understanding (MoU) with the OCC.
“The Attorney General has granted consent for the necessary documents, ensuring legal clearance for the agreements,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said yesterday.
Addressing the weekly post-Cabinet meeting media briefing, he said an agreement will be signed between the JICA and Airport Aviation Services (Sri Lanka) Ltd.
Japan has played a crucial role in Sri Lanka’s economic recovery, offering concessional financing and development assistance over the years.
The completion of this restructuring deal is expected to enhance investor confidence and facilitate further financial support from international partners.
The proposal to this effect submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister was approved by the Cabinet of Ministers.
