Press Releases

In response to an invitation made by the Department of External Resources, Ministry of Finance, Economic Stabilization and National Policies, a delegation from Neighbouring Countries Economic Development Cooperation Agency (NEDA) headed by Mr. Perames Vudthitornetiraks, President of NEDA & comprising Mr. Rappipat Promnart, Director of Policy and Planning Bureau, Mr. Wasit Anuntavichien, Policy Planning Analyst visited Sri Lanka and met Mr. K. M. Mahinda Siriwardana, Secretary to the Treasury and signed a Record of Discussion (RoD) today, in the presence of H.E. Mr. Paitoon Mahapannaporn, Ambassador to Thailand in Sri Lanka, to provide technical assistance from NEDA to enhance the capacities of the officers to be attached to the Public Debt Management Office ( PDMO), which is going to be established at the end of this year. The training of 20 - 25 officials, will take place in October 2024 in Thailand, and the cost will be borne by the NEDA.

During the meeting, which took place subsequent to the signing ceremony, the Secretary to the Treasury recalled the recent economic crisis faced by the Country and indicated the fiscal and monetary policy initiatives took by the Government which led the country to recover to a greater extent during a short period of time and the envisaged programme of the Government to ensure that, Sri Lanka does not face a similar crisis in the future. Further, he commented on the longstanding cultural ties between Thailand Sri Lanka, which has a long and cordial history, grounded in shared cultural and religious ties, particularly through Theravada Buddhism and the potential for future development cooperation between the two countries. Further, Mr. Ajith Abeysekera, Director General of Department of External Resources, also extended his sincere gratitude for NEDA for coming forward and accepting GoSL’s request to accommodate this training programme to equip and strengthen the capacities of officials who will be attached to the PDMO.

Mr. Perames Vudthitornetiraks, President of NEDA commended the significant progress made so far by the Government of Sri Lanka and insisted that NEDA stands ready to share the experience of their Public Debt Management Office.

Department of External Resources
Ministry of Finance, Economic Stabilization and National Policies
Colombo 01
On July 24, 2024.

 

 

At the request of the Government of Sri Lanka, the Government of Japan has agreed to provide grant assistance amounting to Japanese Yen one thousand and Six hundred million (approximately LKR 3.3 billion) under the Japanese Economic and Social Development Programme, considering the requirements of diversified fields namely marine environment, healthcare, vocational training and fishing.

The Exchange of Notes pertaining to the above grant were signed by the Secretary to the Ministry of Finance, Economic Stabilization, and National Policies, Mr. K.M. Mahinda Siriwardana, on behalf of the Government of Sri Lanka and His Excellency the Ambassador of Japan in Sri Lanka, Mr. MIZUKOSHI Hideaki on March 18, 2024.
The following activities will be implemented under the above grant assistance.

a) Provision of four vessels for oil boom with the necessary accessories, a generator, and a cargo truck with a crane for improving oil spill response and management of the Sri Lanka Coast Guard;

b) Provision of portable ultrasonic scanners, gynecological examination tables, a laparoscopic system, mammography, fetal heart raters, and infant warmers for improving the maternal and pediatric care in Northern Province and industrial sewing machines, zigzag (industrial) machines, overclock (5 thread) machines, and button holder (5 thread, industrial) machines for dressmaker courses at vocational training centers in Northern Province;

c) Provision of a petrol boat, a rigid-hull inflatable boat, lighted buoys, and HG radio transceivers, for ensuring the safety of fishermen in Northern and Eastern provinces;

The Agent Agreements for the procurement of equipment and implementation of above projects were signed between Mr. Ajith Abeysekera, Director General, Department of External Resources on behalf of the Government of Sri Lanka, and Mr. NOMURA Tetsuya, Project Manager, Japan International Cooperation System (JICS), on April 24, 2024, at the Ministry of Finance, Economic Stabilization, and National Policies.

Ministry of Finance, Economic Stabilization and National Policies
Colombo 01
On April 24, 2024

 

 

 

Marking a significant milestone in the official debt treatment process, the Government of Sri Lanka reached the final agreement on its debt treatment with members of the Official Creditor Committee (OCC) of Sri Lanka’s bilateral creditors on June 26, 2024. As a longstanding development partner of Sri Lanka, the Government of Japan supported the initiation of the coordination platform with Sri Lanka’s bilateral creditors, and played a vital role throughout the process of reaching the agreement with the OCC..

The conclusion of the agreement with the OCC, and significant progress in restructuring debt with other creditors, along with the commitment of the Government of Sri Lanka to implement comprehensive macroeconomic reforms supported by the International Monetary Fund and other multilateral partners, has enhanced confidence in the economic stability and debt sustainability of Sri Lanka.

The Government of Japan announced its crucial decision of resuming disbursement for the Japan funded project portfolio of the country, signaling confidence in Sri Lanka’s economic reform programme and renewed optimism regarding the future prospects of the country. With this landmark decision, the suspended projects, including the Bandaranaike International Airport Development Project, utility projects, health sector improvement projects, rural development projects, etc., will be resurrected, paving the way for the economic and social improvement of the country.

The Bandaranaike International Airport Development Project, in particular, is critical for developing Sri Lanka’s connectivity related infrastructure which would be a major boost for key sectors such as tourism, trade, and investment.

The official announcement of Dr. TANAKA Akihiko, President of Japan International Cooperation Agency (JICA) on the resumption of the disbursement was handed over to Mr. K.M. Mahinda Siriwardaena, Secretary to the Treasury and the Ministry of Finance, Economic Stabilization and National Policies, by Ms. IDE Yuri, Senior Representative of the JICA Sri Lanka Office.

Mr. K.M. Mahinda Siriwardaena, Secretary to the Treasury and the Ministry of Finance, Economic Stabilization and National Policies, expressed his sincere gratitude on behalf of the Government of Sri Lanka to the Government of Japan for their pivotal role throughout the debt treatment process and being the foremost decision taker to refinance the ongoing infrastructure development projects.

Ministry of Finance, Economic Stabilization and National Policies
Colombo 01
On July 24, 2024.

 

A delegation of NEDA comprising Mr. Rappipat Promnart, Director of Policy and Planning Bureau & Mr. Wasit Anuntavichien, Policy and Planning Analyst of the Neighbouring Countries Economic Development Agency (NEDA) visited Sri Lanka during April 09 -10, 2024. The delegation who arrived at the request of ERD, met Mr. Ajith Abeysekera, Director General, Department of External Resources (ERD) and other Treasury Officials on the 09th of April, 2024. This meeting was a stepping stone to embark on a promising future collaboration between Thailand and Sri Lanka in terms of development cooperation.

Commenting on the longstanding cultural ties between Thailand Sri Lanka, the Director General of ERD, welcomed the NEDA’s Technical & Financial Assistance. Further, the Director General, mentioned about the potential NEDA support for the Sri Lanka’s proposed Public Debt Management Office (PDMO). Mr. Rappipat Promnart, Director of Policy and Planning Bureau warmly welcomed the proposal and invited around 20 officials from the potential officers who will be engaged in working with the proposed PDMO, to visit Thailand Debt Management Office during October/ November. Moreover, the delegation expressed their willingness to extend soft loans with indicative terms and conditions to priority sectors in Sri Lanka. The Department of External Resources pointed out the necessity to have further discussion on the proposed terms and conditions of the loans, such as procurement of at least 50% of goods and services from the Thailand and also highlighted the present challenges emanating from the ongoing debt restructuring process of Sri Lanka.

Further, ERD emphasized the importance of obtaining NEDA support in terms of investment & projects in the PPP modality. It was agreed to discuss these matters in depth in the coming months. Additionally, Director General of Department of National Planning explained the strategic direction of public investments in Sri Lanka. Last but not least, DG, ERD reiterated the importance of continuing these partnership and the commitment of the Government of Sri Lanka to foster and sustain such relationships which will derive mutual benefits for both parties.

Further, Government of Sri Lanka is closely working with the Thailand International Cooperation Agency (TICA) at present with regard to the Two Year Implementation Plan between Thailand and Sri Lanka for 2023 – 2024 for the priority sectors such as Community Based Tourism, small industries development, marine ornamental fish breeding and capacity building programmes for Government officials in Sri Lanka.

 

Department of External Resources
Ministry of Finance, Economic Stabilization and National Policies
Colombo 01
On April 10, 2024.