斯里兰卡向国际主权债券投资者重申：锁定IMF目标与改革路径，债务可持续性稳步改善

Core Viewpoint - Sri Lanka is committed to adhering to the IMF program's targets and structural reform commitments to ensure medium-term debt sustainability, with a goal to reduce debt-to-GDP ratio to 95% by 2032 [1][2]. Group 1: Debt Restructuring and IMF Program - Approximately 92% of Sri Lanka's external debt has been restructured, with agreements reached with nearly all external creditors [2]. - The completion of the ISB exchange by December 2024 will convert 98% of old bonds into new instruments, which include macroeconomic and governance performance-linked terms [2]. - The IMF has reached a working-level agreement on the fifth review, with board approval expected to be completed early this year, and the overall program will continue until 2027 with cumulative disbursements expected to be around $2 billion [2][3]. Group 2: Economic and Fiscal Performance - Public debt as a percentage of GDP has decreased from a peak of 145% in June 2022 to approximately 105% by mid-2025 [3]. - The primary fiscal balance has improved from a deficit of -3.7% of GDP in 2022 to a surplus of 3.8% by 2025 [3]. - The economy has achieved positive growth for nine consecutive quarters, with the IMF projecting a growth rate of 4.2% in 2025 [3]. Group 3: Government Reforms and Future Outlook - The government is committed to continuing the restructuring of state-owned enterprises, particularly the restructuring of the Ceylon Electricity Board, and will implement cost-reflective pricing to eliminate quasi-fiscal losses [1][2]. - The government plans to report improved performance to investors in six months, emphasizing the importance of governance and transparency to restore market confidence and external financing capabilities [3].