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Second session of COPF discussion on domestic debt restructuring process today

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The Committee on Public Finance (COPF) is scheduled to meet officials from commercial banks, the Employees’ Provident Fund (EPF) and other relevant institutions for the second session of discussions on the proposed domestic debt restructuring process today (29 June).

Accordingly, COPF will scrutinise the plan comprehensively, and prioritise the stability of banks and the safety of people’s funds during the discussions, COPF Chairman Dr. Harsha de Silva said.

All creditors including banks, superannuation funds, insurance funds have been summoned for today’s discussion, Dr. de Silva said, adding that the said parties views on the restructuring of local debt is ‘crucial in ensuring a well-rounded approach’.

Meanwhile, the final discussion pertaining to this matter is scheduled to take place tomorrow (30 June), to resolve the outstanding issued.

The first round of discussions took place yesterday (28 June), with the COPF having summoned the Governor of the Central Bank of Sri Lanka (CBSL), the Secretary to the Ministry of Finance and the Auditor General, amongst other officials, in Parliament.

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.

The domestic debt restructuring programme was approved by the Cabinet of Ministers last evening, at a special meeting held at the Presidential Secretariat on the instructions of President Ranil Wickremesinghe.

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