Sri Lankan president seeking to defer loan payments until 2028 amid economic crisis

Sri Lanka
By Editor_1
Sri Lankan President Ranil Wickremesinghe speaks during the 37th Session of the UN Food and Agriculture Organization (FAO) Regional Conference for Asia and the Pacific in Colombo, Sri Lanka, Feb. 20, 2024. Wickremesinghe said Wednesday (March 6, 2024) that he is seeking a loan repayment moratorium until 2028 as the debt-ridden county tries to emerge from bankruptcy -/Eranga Jayawardena/AP/File
By Krishan Francis

COLOMBO — Sri Lanka’s president said Wednesday (6) that he is seeking a loan repayment moratorium until 2028 as the debt-ridden county tries to emerge from bankruptcy.

President Ranil Wickremesinghe told Parliament the government is asking lenders to accept a plan to defer payments for five years and then pay down the debts from the beginning of 2028 through 2042.

Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 billion in local and foreign loans amid a severe foreign exchange crisis that led to a severe shortage of essentials such as food, medicine, fuel, cooking gas, and hours-long power cuts.

“Our goal is to obtain temporary relief from debt defaults from 2023 to 2027. Subsequently, we plan to diligently work towards repaying the loans in the period from 2027 to 2042,” Wickremesinghe said.

By 2022, Sri Lanka had to repay about $6 billion in foreign debt every year, amounting to about 9.5% of GDP. The government aims to reduce debt payments to 4.5% of GDP through a negotiated debt restructuring, Wickremesinghe said.

Despite improved economic indicators and ends to the worst shortages, Sri Lankans have lost buying power due to high taxes and currency devaluation, while unemployment has remained high as industries that collapsed at the height of the crisis have not come back.

-AP

 

 

Editor_1
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