President Anura Kumara Dissanayake refuted claims that Sri Lanka will face bankruptcy in 2028 when debt repayments resume.
Addressing Parliament, the President assured that his administration is taking steps to prevent a recurrence of the economic crisis experienced in 2021 and 2022.
“Remember, even in 2028, our government will be in power, and we will never allow a period like 2021 and 2022 to happen again,” President Dissanayake said, adding that foreign reserves are expected to reach USD 15.1 billion by 2028, a target his government is actively working toward.
The President highlighted recent progress in debt restructuring, stating that USD 12.55 billion in debt, including USD 1.7 billion in defaulted payments, has been restructured.
He also noted that USD 11.55 billion of the restructured debt originated from loans taken between 2015 and 2019.
“If this advice had been given during that time, we might not have faced bankruptcy. So, this advice comes too late,” he remarked. (Newswire)