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IMG-20240107-WA0004     DSC08109


The Japan-Sri  Lanka  Economic  Cooperation   Policy  Dialogue   - 2024 was held on January  05, 2024, at the Ministry of Finance in Colombo. The forum was in order to exchange views on matters pertaining to the Japanese-funded project portfolio, explore future developments,    and  prospective economic   cooperation   between Japan  and Sri Lanka  going forward.   The Japanese   delegation   was led  by Mr. Endo Kazuya,    Director-General,     International    Cooperation   Bureau,   Ministry   of Foreign Affairs   of Japan.    Mr. K. M.  Mahinda  Siriwardana,    Secretary,  Ministry   of Finance, Economic  Stabilization     and  National     Policies    and  Mr. Endo  Kazuya,  Director    - General,    Co-Chaired    the meeting  along   with   both relevant   government   officials.

At   the  discussion,     Secretary,    Ministry    of  Finance,   Economic   Stabilization     and National  Policies  expressed  his  warm  gratitude  and appreciation   for the continuous support   extended   by  the  Government    of Japan   towards  Sri   Lanka  throughout history.    He  made  special    reference   to Japan's   recent  assistance   across  a  broad spectrum    of  initiatives,     including    the  debt  restructuring    process,   and   the  IMF supported      macroeconomic     reform    programme,     which      have    been    crucial components   of Sri  Lanka's  ongoing  recovery  from its worst economic crisis  in post• independence   history. 

The Secretary also explained   the implementation    status of various macroeconomic reforms   and the debt   restructuring     process.   He emphasized   Sri Lanka’s   firm commitment   to ensure comparability   of treatment   between  all  holders  of external debt   from   the   outset   of  this   process.   The   Secretary    reiterated    Sri  Lanka's commitment to implementation    of governance   related  reforms,  underpinned  by a number  of ongoing  legislative   and institutional  measures.

In Response,  DG Endo  expressed  his appreciation    for Sri Lanka's  efforts to recover from   the  economic   crisis  and   shared   his  expectations    of  a  speedy   recovery. Furthermore,    he  outlined   his  appreciation    of  the  government's   commitment   on continuing   the  economic   reforms  supported    by  the IMF programme.   DG Endo reiterated  the importance   of the early completion   of signing  of a Memorandum   of Understanding     (MoU)    on   debt   restructuring     between    the   Official    Creditor Committee  (OCC)  and  the Sri  Lankan  government,   as well  as the need  to ensure transparency   and comparability     in agreements   with creditors   outside  the OCC.

The two sides also exchanged views   on Japan's   future   economic cooperation  with Sri Lanka,   including    the  existing   Yen  loan  projects,  to stabilize   and  reinforce  Sri Lanka's   economy   as  well  as  overcome   its  socio-economic challenges.    DG Endo stated   that Japan  will  continue   to provide  support  to the people  of Sri Lanka to help the country   fully  recover  from the economic  crisis   as soon  as possible   and return  to a path of progressive   development.Mr.  Siriwardana    requested   future   cooperation    from  the  Goverrnnent   of Japan including   the existing    Yen  loan  projects as a catalyst  to attract  further  investment, along  with  technical   and financial   support   for the  ongoing   reforms associated    with the  IMF  programe.    He further   outlined    the investment    climate   that Sri   Lanka intends   to build   and   invited    Japanese    investors    to   actively    evaluate    potential investments in Sri Lanka.


Ministry of Finance, Economic   Stabilization     and National   Policies
Colombo   01
On January   05, 2024


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