President Ranil Wickremesinghe provides an update on the economy

(FASTNEWS | COLOMBO) – President Ranil Wickremesinghe has commenced making a special statement in Parliament on the status of the economy of Sri Lanka.

He told Parliament that Sri Lanka expects to enter into an agreement with creditor nations such as India, China & Japan as soon as possible in order to facilitate Debt restructuring.

Japan has also agreed to assist Sri Lanka in the debt restructuring process and to co-chair the summit in negotiating with the debtor countries.

The President also informed Parliament that the Asian Development Bank had agreed to provide Sri Lanka a loan of USD 500 Million.

President Wickremesinghe said it was important to formulate a plan in order to negate the effects of soaring global inflation in 2023 including the rising prices of fuel.

He called on everyone to come together to rebuild the economy instead of waiting for the economy to collapse.