However, President Wickremesinghe highlights the need for improved interaction between the committee and debtors during the restructuring process, suggesting that a new approach is necessary. So what is your view about the restructuring process and what do you consider to be the main bottlenecks? When Sri Lanka was declared bankrupt as a middle-income country, we were not eligible under the common framework for debt restructuring. Therefore, Sri Lanka’s response was to take ownership of this programme, both for debt restructuring as well as the economic restructuring needed for growth. Looking at the dealing with the Paris Club and non-Paris Club, we need a new approach because this is basically a geopolitical issue.

Source: Sunday Observer June 24, 2023 05:33 UTC