Secretary to the Treasury and the Ministry of Finance, Planning and Economic Development K. M. Mahinda Siriwardana said today that while Sri Lanka has come a long way since mid-2021, the journey towards full economic recovery is far from over, saying there is no time to be complacent.
‘The disciplined economic reforms introduced in the recent past should be continued, refraining from slipping back into past bad habits., ‘Mr. Siriwardena said after the signing of the ‘Bilateral Amendment Agreement with JICA and the Exchange of Notes’with the Embassy of Japan held at the General Treasury this morning.
The Finance Ministry Secretary said that the country can no longer afford to roll back much-needed and long-neglected reforms, and it is ‘extremely important that we keep our own house in order, so that we as a country, could strongly come out from the difficult situation in a sustainable manner, with the support of the international community.’
Mr. Siriwardena noted with great appreciation the significant milestone:- the signing of the Exchange of Notes with the Embassy of Japan, and the Amendment Agreement with JICA, which is the first Restructuring Agreement signed with a member country of the Official Creditor Committee (OCC).
‘This agreement is a testament to the enduring partnership between Sri Lanka and Japan, a relationship built on mutual trust, support, and shared development goals. I recall the exceptional leadership role played by the Government of Japan through spearheading Sri Lanka’s debt restructuring process by co-chairing the OCC, alongside France and India. Their leadership, commitment, and constructive engagement have been instrumental in helping Sri Lanka navigate the challenges of economic recovery. It is this spirit of cooperation that has enabled us to make meaningful progress towards restoring debt sustainability of Sri Lanka,” he said.
He also acknowledged the Government of Japan’s decision to resume the disbursements soon after the signing of the OCC Memorandum of Understanding on 26th June 2024 saying this timely decision reflected Japan’s confidence in Sri Lanka’s economic reform efforts and reinforces its ability to continue implementing essential development projects that benefit the people.
‘Japan has long been a steadfast development partner, one that has always stood by Sri Lanka in times of need. Through concessional loans, grants, and technical assistance, as well as through the infusion of advanced technology, Japan has contributed significantly to the socio-economic development of our nation,” he said.
Mr. Siriwardena added that today’s agreement is yet another example of that unwavering support. ‘As we move forward, we reaffirm our commitment to prudent economic management and sustainable growth. We look forward to further strengthening this partnership with Japan, ensuring that our cooperation continues to yield long-term mutual benefits for both our countries,” he added.
Ambassador of Japan to Sri Lanka Akio Isomata,Tetsuya Yamada, Chief Representative of Japan International Cooperation Agency (JICA),officials from the Japanese Embassy and JICA and Treasury officials were present at the event.
The Yala National Park has been closed until further notice in view of the heavy rains experienced in the area, Warden of the park Manoj Vidyaratne said.
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