Sri Lanka has achieved a major breakthrough in its debt restructuring process, specifically concerning foreign borrowings guaranteed by the government for SriLankan Airlines. 

The Official Creditor Committee (OCC) has formally granted a “no objection” clearance, allowing the country to proceed with its proposed settlement arrangements.

Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, announced the development, noting that Sri Lanka has kept markets informed through the Singapore Exchange as part of compliance requirements.

“We are very grateful and happy to inform that OCC has conveyed their position of no objection, supporting Sri Lanka during this difficult time,” he said.

The clearance follows advice from legal experts and marks a significant milestone in the restructuring process. Sri Lanka has already restructured over 90% of its debt obligations, and officials expect the remaining steps to be procedural. 

“With the support of all parties involved, we should be able to complete them within a short period,” Dr. Suriyapperuma added.