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.
