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This week, State Minister of Finance Ranjith Siyambalapitiya revealed that Sri Lanka made significant strides in its debt repayment efforts, disclosing that $2.5 billion of multilateral debt was repaid last year. Siyambalapitiya clarified that while bilateral and commercial foreign debt payments have been suspended, other payments persist. He emphasized that prior to the suspension, Sri Lanka typically repaid around $5 billion annually, and despite the halt, the country managed to allocate $2.5 billion in 2022 and $2.6 billion in 2023 towards servicing foreign debt. Siyambalapitiya underscored the government’s steadfast dedication to upholding stringent financial discipline, asserting that these decisions, though unpopular, are indispensable for maintaining economic stability. Furthermore, he reiterated the government’s commitment to fostering a robust economy in Sri Lanka.
