News
EUR 390 mn debt stock rescheduled until 2042 – French Embassy in Colombo
Sri Lanka and France have reached agreement on a debt stock of EUR 390 million until 2042, with a five-year grace period and a cap on original interest rates.
The following is the text of a statement issued by the French Embassy in Colombo: “On Monday June 16th, 2025, France and Sri Lanka signed a bilateral agreement to implement the recommendations of the Memorandum of Understanding on the debt restructuring of Sri Lanka, concluded on June 26th 2024, with the official creditors committee − co-chaired by France, India and Japan and composed of these countries with the Paris Club creditors.
The bilateral agreement reschedules a debt stock of EUR 390 million until 2042, with a five-year grace period and a cap on original interest rates.
The bilateral agreement signed on June 16 by Mr. William Roos, Assistant Secretary for Multilateral Affairs, Trade and Development at the French Treasury, and Mr. Mahinda Siriwardana, Secretary to the Treasury of the Ministry of Finance, Planning and Economic Development, is a key step in France’s support for Sri Lanka’s economic recovery.
The agreement was signed in presence of the Ambassador of France to Sri Lanka Rémi Lambert and Sri Lankan authorities, including Deputy Minister Dr Harshana Suriyapperuma and Governor of Central Bank of Sri Lanka Dr Nandalal Weerasinghe
This agreement aims to restore Sri Lanka’s debt sustainability, based on a coordinated approach between the country’s main official creditors and in compliance with the principle of comparability of treatment for third-party creditors in the scope of the restructuring. It also supports the implementation of the International Monetary Fund’s multi-year financing programme amounting to EUR 2.8 billion.
The signing was an opportunity for France to reaffirm its support for Sri Lanka’s economic recovery.
Prime Minister Dr. Harini Amarasuriya met with the Managing Director of the International Monetary Fund (IMF), Dr. Kristalina Georgieva, at Temple Tress on the 17th of February
Dr. Georgieva, commended the Government’s efforts in stabilizing the country’s economy and in managing recent economic and natural shocks. She noted that Cyclone Ditwah had caused severe impacts, especially on economically vulnerable communities, underscoring the importance of targeted support and resilience-building measures.
The Prime Minister expressed appreciation for the IMF’s continued support to Sri Lanka, particularly in the aftermath of Cyclone Ditwah. The PM further emphasized that real economic recovery and development must directly benefit the economically vulnerable groups and ensure inclusive growth, highlighting the need for Sri Lanka to attract quality and sustainable investments, particularly in the tourism sector.
The importance of reforming the education system to focus not only on knowledge acquisition but also on skills development and employability was also discussed
The meeting was attended by the Chief of Staff of the IMF Managing Director Andreas Bauer, Director, Asia and Pacific Department, Dr. Krishna Srinivasan Division Chief (Strategic Communications), Communications Department, Pierre Mejlak Resident Representative for Sri Lanka Dr. Martha Woldemichael, Governor of the Central Bank of Sri Lanka Dr. P. Nandalal Weerasinghe, and Deputy Governor Dr. C. Amarasekara, Secretary to the Prime Minister Pradeep Saputhanthri and Additional Secretary to the Prime Minister Ms. Sagarika Bogahawatta.
[Prime Minister’s Media Division]
The Cabinet of Ministers approved the resolution forwarded by the Minister of Health and Mass Media to relocate the Deniyaya Base Hospital after constructing a new hospital with a capacity of 300 beds at an estimated cost of Rupees 6,000 million.
The Southern Provincial Department of Health has acquired a plot of land in Handford estate which is approximately 03 kilometres away from the town for this purpose.
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