Sri Lanka’s Bankruptcy Crisis to End: President Confirms

News Today: President confirms end of Sri Lanka’s bankruptcy crisis

Independent Presidential Candidate Ranil Wickremesinghe announced that a crucial discussion between the Government of Sri Lanka and international sovereign bondholders will take place today.

Following this meeting, Sri Lanka is expected to receive international support once the country’s bankruptcy is fully resolved.

The President also expressed his satisfaction, stating that he was entrusted with a task and he is pleased to report that the work entrusted to him has been successfully completed by September 21st.

During the “Ranil Can” victory rally at Matara Uyanwatta Stadium yesterday, in front of a large gathering the President stated that he took over a bankrupt nation and restored debt sustainability.

“I inherited a country unable to pay its debts—a bankrupt nation, with no foreign reserves. Our bondholders had lost faith in us. Yet, over the past two years, we’ve worked to rebuild, resolving these issues and restoring our debt sustainability. We reached agreements with the International Monetary Fund (IMF), the World Bank, and the Asian Development Bank, which has allowed us to move beyond bankruptcy and begin to rebuild.

We have also worked with countries that lent us money. We’ve reached an agreement with 18 nations and have a separate understanding with China. Together, we have created a new framework to recognize our debt sustainability, demonstrate that we are no longer bankrupt, and move towards development. The final step is negotiating with the international sovereign bondholders, and tomorrow’s discussion will conclude that. Once this is done, Sri Lanka’s bankruptcy will be formally over, and we will receive much-needed support from other countries,” he said.

The President blamed his opponents for claiming that the economic issues will never be solved at the time and as a result refused to take over.

“Today, Sajith and Anura are talking about cancelling the agreement with the International Monetary Fund. I ask them if they really want to undo this progress and take us back to where we were two years ago? They have no real plans—what they seek is power. If they cancel the IMF agreement, it would have to be renegotiated, causing us to lose international trust, and we could find ourselves back in a time of shortages and long queues. However, if we continue on our current path, we have the chance to strengthen the rupee, easing cost of living, and developing the nation.

“The people must decide whether to stay on a proven path or risk getting lost on an uncertain one. If Sajith and Anura had solutions, I ask, why didn’t they step up two years ago when the country needed leadership? Should we entrust the country to those who ran away from responsibility,” he concluded.