Japan has officially informed Sri Lanka that it will resume funding Yen Loan Projects, which had been halted since Sri Lanka's preemptive external debt repayment suspension in 2022, JICA Sri Lanka Office announced.
This decision follows the signing of a Memorandum of Understanding (MOU) between the Official Creditor Committee (OCC) and Sri Lanka on July 23, and the Sri Lankan government’s commitment to promptly finalise a bilateral debt restructuring agreement, it added.
On July 24, a joint press conference was held at Japan’s Ministry of Treasury, featuring representatives from the Sri Lankan government, the Embassy of Japan, and the Japan International Cooperation Agency (JICA) Sri Lanka Office, to announce this significant development.
During the press conference, Japanese Ambassador in Colombo Mizukoshi Hideaki praised the completion of the MOU on debt restructuring and commended Japan's leading role as a co-chair of the OCC.
He also acknowledged Sri Lankan authorities for their ongoing economic and social reforms aimed at steering the country towards sustainable development.
Ambassador Mizukoshi reaffirmed Japan’s commitment to supporting Sri Lanka and emphasised the importance of the resumed Yen Loan Projects for the country's economic growth.
Ms. Ide Yuri, Senior Representative of JICA Sri Lanka Office, delivered the official letter from Dr. Tanaka Akihiko, President of JICA, to Mahinda Siriwardana, Secretary to Sri Lanka’s Treasury.
Ms. Ide expressed hope that the resumption of funding will stabilise Sri Lanka’s economy and society, boosting long-term growth and restoring confidence from both local and international stakeholders.
Secretary Siriwardana expressed deep gratitude for Japan’s decision and acknowledged Japan’s ongoing dedication to the debt restructuring process.
The resumption of Yen Loan Projects is expected to further strengthen Japan-Sri Lanka relations and support the island nation’s economic recovery and development as a key player in the Indian Ocean region.
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