President Ranil Wickremesinghe to Address Nation on Debt Restructuring Breakthrough

President Ranil Wickremesinghe is set to address the nation on Wednesday night to discuss Sri Lanka's economic challenges and provide an update on foreign debt restructuring efforts. Wickremesinghe, who is likely to contest the presidential election, will declare an end to bankruptcy following agreements with creditors.

President Ranil Wickremesinghe will address the nation on Wednesday night, briefing Sri Lankans on the country's economic challenges and updating on the foreign debt restructuring efforts.

Scheduled for 8.00 p.m. (June 26), the announcement from Wickremesinghe, who also serves as finance minister, will reportedly declare an end to bankruptcy. This follows agreements with bilateral creditors and private bondholders.

The Sri Lankan government plans to enter an MoU with the official creditor committee, the Paris Club of Nations, Exim Bank of China, and a group of private bondholders. Public posters have heralded this as 'good news', part of a broader political campaign showcasing the successful debt restructuring.

In mid-April 2022, Sri Lanka declared its first sovereign default since gaining independence in 1948. The IMF's $2.9 billion bailout required external debt restructuring, with the third tranche released last week. Wickremesinghe supervised the IMF program, implementing tough economic reforms.

On Sunday, Wickremesinghe indicated the presidential election could occur in September or October, although he hasn't yet confirmed his candidacy. Chosen as president through parliament in July 2022, he succeeded Gotabaya Rajapaksa, who resigned amid public protests.

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