Sri Lanka's Secretary to the Treasury, Mahinda Siriwardana, announced on Saturday that the country has officially emerged from sovereign default.
In a post on X, Siriwardana emphasized the importance of avoiding past policy errors influenced by rigid ideologies, unfounded beliefs, or misleading narratives, which often lead to unrealistic and unsustainable decisions.
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With economic stability now restored, he highlighted the need to prioritize strategies that encourage inclusive and sustainable development. Siriwardana stressed that such initiatives are vital for job creation and income generation, aiming to support the recovery of all Sri Lankans.
His remarks came after Fitch Ratings upgraded Sri Lanka's credit rating to "CCC+." The upgrade was attributed to the country's progress through a difficult path involving substantial reforms and a complex debt restructuring process.
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On Friday, Fitch Ratings announced the improvement of Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating, elevating it from Restricted Default to "CCC+." The decision was supported by successful restructuring of international sovereign bonds and stronger macroeconomic indicators.