Japan has welcomed the agreement reached between Sri Lanka and the Official Creditor Committee (OCC), co-chaired by India, Japan, and France, on the Memorandum of Understanding for debt restructuring for Sri Lanka.
Japan has played a leading role in the debt restructuring process for Sri Lanka, including the launch of the OCC in April 2023. This framework is the first to coordinate between Paris Club countries and non-Paris Club countries on debt restructuring for middle-income countries.
Japan’s Finance Minister Suzuki Shunichi described finalizing the MoU with Sri Lanka under this framework as a landmark achievement. “I hope this could be a leading case for future debt restructuring for middle-income countries,” he said.
The Finance Minister added, “I expect Sri Lanka to implement debt restructuring with other official bilateral creditors outside of the OCC and private creditors in a transparent and comparable manner. Japan will continue to cooperate with Sri Lanka toward their sustainable development and growth.”
