The government of Sri Lanka revealed its accomplishment in resolving a substantial portion of its foreign debt, totaling $1.9097 billion, along with accrued interest payments over a span of approximately 19 months.
Addressing the press on Friday, Rajith Keerthi Tennakone, the Director General of the President's Office Community Affairs, highlighted the meticulous financial management that led to the disbursement of $1.3388 billion in multilateral loans and interest from July 21, 2022, to February 2024.
Of this, a detailed breakdown showed payments of $760.1 million to the Asian Development Bank (ADB), $7.0 million to the Asian Infrastructure Investment Bank, $22.3 million to the European Investment Bank, $17.9 million to the International Fund for Agricultural Development, $9.8 million to the EFF 23-26 program of the International Monetary Fund (IMF), $1.7 million to the Nordic Development Fund, $29.9 million to the OPEC Fund for International Development, and $489.9 million to the World Bank (WB).
Tennakone underscored the positive response from key financial institutions such as the ADB, IMF, and WB, acknowledging the government's commendable track record in debt repayment, which prompted further financial support.
Negotiations are presently in progress with relevant states and institutions to finalize agreements on bilateral loans and interest, currently standing at $571.0 million. Additionally, preliminary agreements have been reached with members of the Paris Club to settle outstanding interest amounting to $450.7 million by the end of February 2024.
