{"id":11766,"date":"2024-05-21T06:32:15","date_gmt":"2024-05-21T06:32:15","guid":{"rendered":"https:\/\/srilanka.factcrescendo.com\/english\/?p=11766"},"modified":"2024-05-21T06:32:22","modified_gmt":"2024-05-21T06:32:22","slug":"since-president-wickremesinghe-assumed-office-in-july-2022-sri-lanka-has-repaid-approximately-2-billion-in-debt","status":"publish","type":"post","link":"https:\/\/srilanka.factcrescendo.com\/english\/since-president-wickremesinghe-assumed-office-in-july-2022-sri-lanka-has-repaid-approximately-2-billion-in-debt\/","title":{"rendered":"Since President Wickremesinghe assumed office in July 2022, Sri Lanka has repaid approximately $2 billion in debt."},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-background has-medium-font-size\"style=\"background-color:#b6babf91\"><a href=\" https:\/\/chat.whatsapp.com\/K4r6Egv9ZhC221z1bD3jn0\"> Subscribe to our WhatsApp Channel <\/a> <\/strong><\/p>\n\n\n\n<p>Sri Lanka has been steadily recovering from the most severe economic recession in its post-independence era, achieving tangible and relative stability. However, this progress is being undermined by misleading social media campaigns that degrade the country&#8217;s efforts and misinform the public about the actual state of recovery.<\/p>\n\n\n\n<p><strong>Social Media Posts<\/strong><\/p>\n\n\n\n<p>Social media posts alleged that Sri Lanka has not made any loan payments since President Ranil Wickremesinghe assumed office in July 2022, with some asserting a debt payment halt for 10 months.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"643\" height=\"548\" src=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-54.png\" alt=\"\" class=\"wp-image-11771\" srcset=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-54.png 643w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-54-300x256.png 300w\" sizes=\"(max-width: 643px) 100vw, 643px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=932818855161129&amp;id=100052990691224\">FB<\/a> | <a href=\"https:\/\/tinyurl.com\/222863v4\">Archived<\/a> \u00a0<\/p>\n\n\n\n<p>These posts were viral on \u2018X\u2019 also.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"si\" dir=\"ltr\">\u0d94\u0db1\u0dca\u0db1 \u0d95\u0d9a\u0dba\u0dd2 \u0dad\u0dad\u0dca\u0dc0\u0dda \u0db8\u0dd2\u0dad\u0dca\u200d\u0dbb\u0dc0\u0dbb\u0dd4\u0db1\u0dd2 <a href=\"https:\/\/t.co\/V53PUDhukA\">pic.twitter.com\/V53PUDhukA<\/a><\/p>&mdash; Get REALOrDie Trying (@cooldilcool) <a href=\"https:\/\/twitter.com\/cooldilcool\/status\/1791138639201939744?ref_src=twsrc%5Etfw\">May 16, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/archive.ph\/Rm2rT\">Archived<\/a><\/p>\n\n\n\n<p>Users commented on it like below.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"600\" height=\"452\" src=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-53.png\" alt=\"\" class=\"wp-image-11770\" srcset=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-53.png 600w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-53-300x226.png 300w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-53-136x102.png 136w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>We decided to search on this.<\/p>\n\n\n\n<p><strong>Explanation<\/strong><\/p>\n\n\n\n<p>We contacted the Ministry of Finance and got their version regarding the claims made in these posts.<\/p>\n\n\n\n<p>According to data from Sri Lanka\u2019s Ministry of Finance and the Department of External Resources, the government has made substantial debt payments from mid-2022 to February 2024.<\/p>\n\n\n\n<p>Detailed Findings:<\/p>\n\n\n\n<p><strong>Total Debt Payments: From July 21, 2022, to February 2024, the Government of Sri Lanka settled approximately US$ 1,909.7 million in foreign debt and interest payments.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"803\" height=\"631\" src=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-21.jpeg\" alt=\"\" class=\"wp-image-11769\" srcset=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-21.jpeg 803w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-21-300x236.jpeg 300w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-21-768x603.jpeg 768w\" sizes=\"(max-width: 803px) 100vw, 803px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>This includes:<\/strong><\/p>\n\n\n\n<p>US$ 1,338.8 million in multilateral loans and interest.<\/p>\n\n\n\n<p>US$ 571.0 million in bilateral loan repayments and interest.<\/p>\n\n\n\n<p><strong>Breakdown of Payments:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"744\" height=\"1024\" src=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-20-744x1024.jpeg\" alt=\"\" class=\"wp-image-11768\" srcset=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-20-744x1024.jpeg 744w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-20-218x300.jpeg 218w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-20-768x1057.jpeg 768w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-20-1116x1536.jpeg 1116w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-20.jpeg 1162w\" sizes=\"(max-width: 744px) 100vw, 744px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Multilateral Loans:<\/strong><\/p>\n\n\n\n<p>Asian Development Bank: US$ 760.1 million<\/p>\n\n\n\n<p>Asian Infrastructure Investment Bank: US$ 7.0 million<\/p>\n\n\n\n<p>European Investment Bank: US$ 22.3 million<\/p>\n\n\n\n<p>International Fund for Agricultural Development: US$ 17.9 million<\/p>\n\n\n\n<p>International Monetary Fund (EFF 23-26 program): US$ 9.8 million<\/p>\n\n\n\n<p>Nordic Development Fund: US$ 1.7 million<\/p>\n\n\n\n<p>OPEC Fund for International Development: US$ 29.9 million<\/p>\n\n\n\n<p>World Bank: US$ 489.9 million<\/p>\n\n\n\n<p><strong>Support from International Financial Institutions:<\/strong><\/p>\n\n\n\n<p>Due to Sri Lanka\u2019s commendable track record in debt repayment, institutions such as the Asian Development Bank, International Monetary Fund, and World Bank have extended further financial support to the country.<\/p>\n\n\n\n<p><strong>Bilateral Loan Negotiations:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"743\" height=\"1024\" src=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-19-743x1024.jpeg\" alt=\"\" class=\"wp-image-11767\" srcset=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-19-743x1024.jpeg 743w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-19-218x300.jpeg 218w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-19-768x1058.jpeg 768w, https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/image-19.jpeg 784w\" sizes=\"(max-width: 743px) 100vw, 743px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Preliminary agreements with members of the Paris Club, involving US$450.7 million in interest payments, were set to be settled by the end of February 2024.<\/p>\n\n\n\n<p>Bilateral loan transactions have been conducted with various countries and financial institutions, including Japan, Canada, China, France, Germany, India, South Korea, Kuwait, Pakistan, Russia, Spain, and the United States.<\/p>\n\n\n\n<p><strong>Repayment of&nbsp; Bangladeshi Loan- 7 Months Ago<\/strong><\/p>\n\n\n\n<p>200 million USD-worthy loan repayment also became a popular topic in SL media. In 2023, September (7 months ago now), the final installments of Bangladeshi debt were paid off. Such reports can be reached <a href=\"https:\/\/www.themorning.lk\/articles\/vM3H4ZLoNeMPnfqQOd5y\">here<\/a> and <a href=\"https:\/\/www.newsfirst.lk\/2023\/09\/24\/sri-lanka-settles-entire-200-million-loan-from-bangladesh\">here<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Impact on Foreign Reserves:<\/strong><\/p>\n\n\n\n<p>After repaying multilateral, bilateral, and local dollar loans, Sri Lanka&#8217;s foreign cash reserves have increased to over US$ 4.9 billion.<\/p>\n\n\n\n<p><strong>Continuous Loan Payments<\/strong><\/p>\n\n\n\n<p>A spokesman of the Finance Ministry confirmed to us that Sri Lanka is continuously repaying loans belonging to certain categories mentioned above. Monthly payment details for the last ten months will be published here soon.<\/p>\n\n\n\n<p><strong>Business Loan Restructuring:<\/strong><\/p>\n\n\n\n<p>The government is actively engaged in restructuring business loans and interest acquired at high interest rates. Payment of these funds will be deferred until debt restructuring negotiations are finalized.<\/p>\n\n\n\n<p>A descriptive article about loan repayments, published by PMD, can be reached <a href=\"https:\/\/pmd.gov.lk\/news\/government-settles-foreign-debt-and-interest-to-the-tune-of-us-1909-7-million\/\">here<\/a>. <a href=\"https:\/\/archive.ph\/t8qua\">Archived<\/a>&nbsp;<\/p>\n\n\n\n<p>Follow us and stay up to date with our latest fact checks.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.facebook.com\/factcrescendosl\/\"><strong>Facebook<\/strong><\/a><strong> | <\/strong><a href=\"https:\/\/twitter.com\/factcrescendosl\"><strong>Twitter<\/strong><\/a><strong> | <\/strong><a href=\"https:\/\/www.instagram.com\/factcrescendo_sl\/\"><strong>Instagram<\/strong><\/a><strong> | <\/strong><a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMODMpgswyNe-Aw\"><strong>Google News<\/strong><\/a><strong> | <\/strong><a href=\"https:\/\/www.tiktok.com\/@factcrescendosl\"><strong>TikTok<\/strong><\/a>&nbsp;<\/p>\n\n\n\n<p><strong>Conclusion:&nbsp;<\/strong><\/p>\n\n\n\n<p>The claims circulating on social media about Sri Lanka halting debt payments since July 2022 are inaccurate. The Ministry of Finance\u2019s data confirms that significant debt repayments have been made, totaling nearly US$ 2 billion from mid-2022 to early 2024. The government continues to manage its financial obligations despite economic challenges.<\/p>\n\n\n\n\t\t\t\t\t<!DOCTYPE html>\n\t\t\t\t\t<html>\n\t\t\t\t\t<head>\n\t\t\t\t\t<meta name=\"viewport\" content=\"width=device-width, initial-scale=1\">\n\t\t\t\t\t<style>\n\t\t\t\t\t.container {\n\t\t\t\t\t  border: 2px solid #000;\n\t\t\t\t\t  background-color: #eee;\n\t\t\t\t\t  border-radius: 5px;\n\t\t\t\t\t  padding: 16px;\n\t\t\t\t\t  margin: 16px 0\n\t\t\t\t\t}\n\n\t\t\t\t\t.container::after {\n\t\t\t\t\t  content: \"\";\n\t\t\t\t\t  clear: both;\n\t\t\t\t\t  display: table;\n\t\t\t\t\t}\n\n\t\t\t\t\t.container img {\n\t\t\t\t\t  float: left;\n\t\t\t\t\t  margin-right: 20px;\n\t\t\t\t\t  border-radius: 50%;\n\t\t\t\t\t}\n\n\t\t\t\t\t.container span {\n\t\t\t\t\t  font-size: 20px;\n\t\t\t\t\t  margin-right: 15px;\n\t\t\t\t\t}\n\n\t\t\t\t\t@media (max-width: 500px) {\n\t\t\t\t\t  .container {\n\t\t\t\t\t\t  text-align: center;\n\t\t\t\t\t  }\n\t\t\t\t\t  .container img {\n\t\t\t\t\t\t  margin: auto;\n\t\t\t\t\t\t  float: none;\n\t\t\t\t\t\t  display: block;\n\t\t\t\t\t  }\n\t\t\t\t\t}\n\t\t\t\t\t<\/style>\n\t\t\t\t\t<\/head>\n\t\t\t\t\t<body>\n\t\t\t\t\t<div class=\"container\">\n\t\t\t\t\t  <img decoding=\"async\" src=\"https:\/\/www.factcrescendo.com\/wp-content\/uploads\/2019\/03\/False.png\" alt=\"Avatar\" style=\"width:120px\">\n\t\t\t\t\t  <p><span>Title:<\/span>Since President Wickremesinghe assumed office in July 2022, Sri Lanka has repaid approximately $2 billion in debt.<\/p>\n\t\t\t\t\t  <strong>Fact Check By:&nbsp;<a href=\"mailto:info@factcrescendo.com\" target=\"_blank\" rel=\"noreferrer noopener\">Fact Crescendo Team<\/a>&nbsp;<\/strong>\n\t\t\t\t\t  <p><strong>Result:<\/strong> False <\/p>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/body>\n\t\t\t\t\t<\/html>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/api.whatsapp.com\/send?phone=94771514696&#038;text=Please%20send%20your%20query:%20\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" class=\"wp-image-2481\" src=\"http:\/\/srilanka.factcrescendo.com\/wp-content\/uploads\/2023\/05\/Whats-app-sri-lanka-new.png\" alt=\"\"><\/a><\/figure>\n\n","protected":false},"excerpt":{"rendered":"<p>Subscribe to our WhatsApp Channel Sri Lanka has been steadily recovering from the most severe economic recession in its post-independence era, achieving tangible and relative stability. However, this progress is being undermined by misleading social media campaigns that degrade the country&#8217;s efforts and misinform the public about the actual state of recovery. Social Media Posts [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":11774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1091,7],"tags":[2885,2413,2886,22,2887],"class_list":["post-11766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-false","tag-debts","tag-ranil","tag-repayments","tag-sri-lanka","tag-wickremesinghe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Since President Wickremesinghe assumed office in July 2022, Sri Lanka has repaid approximately $2 billion in debt. - Fact Crescendo Sri Lanka English | The leading fact-checking website<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/srilanka.factcrescendo.com\/english\/since-president-wickremesinghe-assumed-office-in-july-2022-sri-lanka-has-repaid-approximately-2-billion-in-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Since President Wickremesinghe assumed office in July 2022, Sri Lanka has repaid approximately $2 billion in debt. - Fact Crescendo Sri Lanka English | The leading fact-checking website\" \/>\n<meta property=\"og:description\" content=\"Subscribe to our WhatsApp Channel Sri Lanka has been steadily recovering from the most severe economic recession in its post-independence era, achieving tangible and relative stability. However, this progress is being undermined by misleading social media campaigns that degrade the country&#8217;s efforts and misinform the public about the actual state of recovery. Social Media Posts [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/srilanka.factcrescendo.com\/english\/since-president-wickremesinghe-assumed-office-in-july-2022-sri-lanka-has-repaid-approximately-2-billion-in-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"Fact Crescendo Sri Lanka English | The leading fact-checking website\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-21T06:32:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-21T06:32:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/srilanka.factcrescendo.com\/english\/wp-content\/uploads\/2024\/05\/Post-No-06-kalna.png\" \/>\n\t<meta property=\"og:image:width\" content=\"622\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Fact Crescendo Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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