1. Introduction

  • Context: Restoring economic stability post debt default in 2022.
  • Recent Achievement: Agreement with official creditors on loan repayment.
  • Communication: National address and consistent updates to Parliament.

2. Four-Step Economic Plan

  • IMF Extended Credit Facilities: Establish financial discipline.
  • Debt Stabilization Plan: Collaboration with Lazard and Clifford Chance.
  • Economic Policies: Secure foreign investment and promote digital green economy.
  • Long-Term Goal: Achieve developed country status by 2048.

3. Progress and Achievements

  • IMF Program: Approval and receipt of installments (March 2023, December 2023, June 2024).
  • Debt Restructuring: Ongoing discussions with Lazard and Clifford Chance.
  • Debt Composition: USD 37 billion total (bilateral, multilateral, and commercial loans).

4. Clarification on Debt Restructuring

  • International Practices: Importance of commitments and mutual agreements.
  • IMF Role: Decides the necessary restructuring plan.
  • Examples: Different approaches for middle-income and low-income countries (Sri Lanka vs. Ghana).

5. Agreements with Creditors

  • Key Agreements:
    • Grace period until 2028.
    • Interest rate reduction to 2.1%.
    • Extended repayment period until 2043.
    • Flexibility in principal repayments.
    • Economic restructuring to enhance debt repayment capacity.

6. Domestic Debt Restructuring

  • Completion: Successful restructuring of USD 10 billion in foreign bilateral debts.
  • Next Steps: Finalizing plans for commercial debts of USD 14.7 billion.

7. Addressing Misinformation

  • Misinformation: Incorrect claims about foreign debt amounts and new borrowings.
  • Clarification: Total foreign debt is USD 37 billion, not USD 71 billion or USD 100 billion.

8. Resumption of Foreign Projects

  • Impact of Default: Suspension of development projects.
  • New Opportunities: Resumption of halted projects and construction industry advancement.

9. Financial Benefits of Debt Restructuring

  • Debt Payments: Reduction from 9.2% to 4.5% of GDP by 2027-2032.
  • Financial Needs: Reduction from 34.6% to less than 13% of GDP.

10. Call for Unity

  • Collaboration: Urging members to unite for economic rebuilding.
  • Personal Commitment: Decisions made for national benefit, not political gain.
  • Appeal: Join hands to uplift the nation.

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