“The finalisation of the Memorandum of Understanding with the Official Creditor Committee and final agreements with the Export Import Bank of China along with Ad Hoc Private Bondholder’s group external on debt treatments would be expected on 26 Wednesday.

Sri Lanka will announce the freedom from bankruptcy status on 27 Thursday after declaration of a pre-emptive default Aon 12 April 2022 suspending external debt repayment as it had $ 20 million as gross official reserves.

The restoration of fiscal sustainability, sustenance in revenue mobilisation efforts may have been prompted by external creditors finalising the debt restructuring in accordance with the IMF supported program targets and shielding social and capital spending,” Karunanayake said