President Ranil Wickremesinghe Friday announced that the debt restructuring process will include USD 5 billion in loan interest relief from bilateral creditors and a USD 3 billion debt write-off from commercial creditors providing the country with a total relief of USD 8 billion.

Addressing the ‘Urumaya’ Freehold Land Deed Ceremony held in Kurunegala, the president emphasized that true socialism lies in granting free land rights to the people, dismissing mere talk about socialism, the President’s Media Division (PMD) said.

He highlighted that his government, credited with rescuing the country from bankruptcy, is actively addressing public issues. He pointed out that an additional 200,000 individuals will benefit from the “Urumaya” freehold land title initiative.

The President underscored these initiatives speaking at a ceremony held at the North Western Provincial Council Auditorium in Kurunegala, where deeds were presented to 463 beneficiaries out of 73,143 eligible in the district under the “Urumaya” national programme.

He said that he assumed leadership during a period of uncertainty. Emphasizing the nation is now recovering from economic turmoil due to effective economic management, he highlighted plans for inclusive development in Kurunegala district as part of advancing the country’s new economy.

“When I took office, it was a time of great uncertainty. Leaders were scarce, but I stepped up to lead. We formed a government by uniting different parties, and together, we’ve made significant strides in addressing the people’s concerns.

“I’ve had to make tough decisions to rebuild our economy. Raising VAT wasn’t easy, but it was necessary to stabilize our economy. Some leaders urged people to protest and even burn houses, urging them not to support the government. Farmers were told to come to Colombo, but without fuel and fertilizers, they couldn’t come. We provided essential fuel and fertilizers to support them. Eventually, they were asked to come to Colombo without planting crops,” he said.

State Ministers Shantha Bandara and D.B. Herath, along with MP Johnston Fernando, Akila Viraj Kariyawasam, MPs Anura Priyadharshana Yapa, Asanka Navarathna, Manjula Dissanayake, Sumith Udukumbura, Kurunegala District Secretary R.M.R. Rathnayake, Secretary to the President Saman Ekanayake, Senior Additional Secretary to the President Chandra Herath, Mahaweli Authority Director General Mahendra Abeywardana, and several other guests were present at the event.