The Japan-Sri Lanka Economic Cooperation Policy Dialogue – 2024 recently took place in Colombo, signaling a significant milestone in the economic partnership between the two countries. Held at the Ministry of Finance, the forum served as a platform for discussing the Japanese funded project portfolio, exploring future developments, and fostering economic cooperation between Japan and Sri Lanka.
Leading the Japanese delegation was Mr. Endo Kazuya, Director-General of the International Cooperation Bureau, Ministry of Foreign Affairs of Japan. Co-chairing the meeting alongside Mr. Kazuya was Mr. K. M. Mahinda Siriwardana, Secretary of the Ministry of Finance, Economic Stabilization, and National Policies. Both delegations were accompanied by government officials, contributing expertise to the discussions.
During the dialogue, Mr. Siriwardana expressed gratitude for Japan’s continuous support to Sri Lanka. He acknowledged Japan’s recent assistance in areas like debt restructuring and the macroeconomic reform program, which have been vital for the country’s recovery from its worst economic crisis since independence.
Mr. Siriwardana provided an update on the implementation of macroeconomic reforms and the debt restructuring process. He emphasized Sri Lanka’s commitment to treating all holders of external debt equally and implementing governance-related reforms.
Mr. Endo commended Sri Lanka’s efforts to recover from the economic crisis and expressed his expectations of a prompt recovery. He appreciated the government’s commitment to continuing the economic reforms supported by the IMF. Mr. Endo emphasized the need for a prompt signing of a Memorandum of Understanding on debt restructuring and stressed the importance of transparency and comparability in agreements with creditors outside the OCC.
The dialogue also focused on Japan’s future economic cooperation with Sri Lanka, particularly Yen loan projects aimed at stabilizing and reinforcing Sri Lanka’s economy. Mr. Endo affirmed Japan’s resolve to support Sri Lanka’s recovery and development.
Mr. Siriwardana requested future cooperation from Japan, highlighting the significance of existing Yen loan projects as catalysts for attracting further investment. He invited Japanese investors to explore potential investment opportunities in Sri Lanka.
The Japan-Sri Lanka Economic Cooperation Policy Dialogue – 2024 strengthened economic ties between the two countries. With a shared commitment to recovery and development, Japan and Sri Lanka are poised to collaborate and cooperate for a brighter future.
