COLOMBO is heaving a sigh of relief two years after the island's economy crashed, compelling the government to declare bankruptcy and immediately suspend repayments on multilateral and bilateral loans. It was an economic horror story-and still is-despite bilateral creditors finally reaching an agreement on June 26 to restructure debt. Sri Lanka's total debt stood at $92.43 billion in 2022, half of it to foreign creditors. So, debt restructuring offers respite as the island economy struggles for recovery, and may pave the way for creditor nations to resume projects or invest anew. But the economic and socio-political woes are far from over.
Under the Memorandum of Understanding (MoU), Sri Lanka's loan repayments stand postponed until 2028 and there is provision to settle some bilateral loans by 2043. This immediately reduces the crushing weight of multilateral debt, but all these extensions mean Sri Lanka continues to remain in the clutches of those it owes money to. Then there are the commercial loans that are up for renegotiation. In such a backdrop, there could be truly little to celebrate.
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