President explains how to restructure $17 billion in debt over five years.

A few moments ago, President Ranil Wickremesinghe said while attending the opening ceremony of the new building of the Gampaha District Secretariat that the government expects to restructure 17 billion dollars of the total foreign debt of 41.5 billion dollars within a period of five years and the restructuring of domestic debt should also be done accordingly.

President Ranil Wickremesinghe assured that the domestic debt restructuring will not affect the stability of the country’s banking system, including public and private banks under the supervision of the Central Bank of Sri Lanka.

The president further stated that the domestic debt restructuring will not affect the deposits in the banking system or any interest currently paid on bank deposits.

In addition, President Ranil Wickramasinghe pointed out that the domestic debt restructuring will not affect the membership balance of any public funds, including the Employees’ Provident Fund, and that debt restructuring will not have any effect on the rate of return of super pension funds that have been paid in the past.

Also, due to the domestic debt restructuring, none of the deposits of over 50 million bank depositors in the country will be affected, and none of the interest currently paid on bank deposits will be affected.

Presidential Media Division

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