Cabinet unanimously approves DDR | Daily News

Cabinet unanimously approves DDR

EPF, ETF Funds will not be affected:
Public Finance Committee to meet officials today, tomorrow:
Government Group also endorses DDR :

The Cabinet of Ministers unanimously approved the Domestic Debt Restructuring (DDR) programme at a special Cabinet meeting held at the Presidential Secretariat.

The debt restructuring programme was proposed by the Finance Ministry. Finance State Minister Dr. Ranjith Siyambalapitiya when contacted by the Daily News said that the domestic debt restructuring programme received green light from the Cabinet yesterday.

Dr. Siyambalapitiya while reiterating that debt restructuring programme will not affect public funds such as EPF, ETF and stressed that it has been designed to ensure debt sustainability in the country.

He added that any public or private bank will not be affected by this programme and this programme would be presented in Parliament on Saturday.

The Government Parliamentary Group that met the President yesterday evening after the Cabinet meeting also approved the DDR programme.

President Ranil Wickremesinghe at an event held in Gampaha on Tuesday stressed that debt restructure will not affect in any way to the deposits of 50 million bank depositors.

“There will be no changes to the current interest rates paid on bank deposits,” he added.

Public Finance Committee Chairman Dr.Harsha De Silva said that the committee will discuss the programme with officials of the Finance Ministry, Attorney General’s Department and Banks today and tomorrow.

“Our aim is to ensure the Domestic Debt Optimisation is executed effectively, meeting our IMF targets while maintain financial system stability,”he said.

Add new comment