COPF summons CBSL, Fin. Min. officials to discuss domestic debt restructuring

The Committee on Public Finance (COPF) in Parliament today summoned officials of the Central Bank of Sri Lanka (CBSL), the Ministry of Finance and the Auditor General for the first session of discussions on proposed domestic debt restructuring process. 

In a tweet, COPF chairman Dr. Harsha de Silva said that the commercial banks, the Employees’ Provident Fund (EPF) and other relevant institutions have been summoned for the second session tomorrow (29).

He added that they will meet on Friday (30) once again to resolve outstanding issues. The COPF chairman said he was looking forward to constructive sessions. 

Meanwhile a special meeting of the Cabinet of Ministers is to be convened today (June 28) to discuss the domestic debt restructuring process.

At this meeting, the proposal for domestic debt restructuring is to be presented to the Cabinet for its approval.

Speaker of Parliament Mahinda Yapa Abeywardena has meanwhile issued a Gazette Extraordinary, convening the parliament on Saturday (July 01).

During this special parliamentary session, which will commence at 9.30 a.m. on Saturday at the request of Prime Minister Dinesh Gunawardena, the proposal for domestic debt restructuring will be presented for adoption.

In the meantime, President Ranil Wickremesinghe is also expected to meet with the Members of Parliament representing the ruling party this evening, following the special Cabinet meeting.

Political sources revealed that the ruling party MPs have been notified to remain in Colombo by cancelling all other visits outside Colombo including overseas travels, since the debt restructuring proposal is scheduled to be tabled in the parliament.

The President had said that the debt restructuring programme will be presented to the Cabinet on Wednesday, and that it will be presented to the parliament and before the Committee on Public Finance (COPF) on Friday (30).

Speaking in an interview with FRANCE 24 on the sidelines of the Summit for a New Global Financing Pact in Paris, he also stated that the programme will be debated in parliament on Sunday and will be approved by parliament.

We summoned @CBSL, Min of Fin, AG for first session n banks, EPF etc for second session tomorrow 29 to #CoPF @ParliamentLK to discuss proposed Dom Debt Restructure. On Friday 30 we will meet again together to resolve outstanding issues. Looking forward to constructive sessions. pic.twitter.com/OQQpJTj6CJ

— Harsha de Silva (@HarshadeSilvaMP) June 28, 2023