President sets ambitious timeline for debt restructuring and reconciliation efforts

In a determined push to address Sri Lanka’s debt crisis and foster reconciliation, President Ranil Wickremesinghe this week in London outlined plans to finalise the debt restructuring process by September. 

Collaborating closely with parliament, Wickremesinghe aims to develop a comprehensive strategy for resolving the nation’s financial burdens, said the President’s Media office.

The President participated in the 40th anniversary event of the International Democrat Union (IDU) in London on 19-20 June and joining the forum with former Canadian Prime Minister (Conservative Party) Chairman of the IDU, Stephen Harper, he explained the circumstances that paved the way for his presidency and the country’s journey towards economic recovery.  

While debt restructuring remains a key priority, President Wickremesinghe noted that his primary focus lies in completing vital structural reforms. Aiming to accelerate economic liberalisation and attract increased investments, which are intended to bolster Sri Lanka’s financial prospects and drive a more favourable balance of trade in the long term.

Amidst questions regarding the duration of the process, the President expressed confidence that substantial headway will be achieved by 2024. Building on prior initiatives as the former Prime Minister, Wickremesinghe continues the progress made and engages with members of Parliament representing Tamil areas. Significantly, agreements have been reached on crucial issues, including the establishment of a truth and reconciliation commission, the drafting of legislation, and the presentation of a new anti-terrorist law to Parliament. Resolving the differences between the government and opposition on three major issues, one of them being the definition of terrorism, has been settled by a court ruling.

Furthermore, he said that efforts have been made to address land-related concerns in the North and East regions, with progress being made on settling these disputes. The Missing Persons Office has taken steps towards utilisation, and discussions on devolution have yielded potential solutions, which have been shared with Tamil parties. President Wickremesinghe said he anticipates presenting a comprehensive process by the end of July, acknowledging the time required for the necessary legislative procedures.