By Minister of Transport and Highways and Minister of Mass Media Dr Bandula Gunawardena at a press briefing held at the Presidential Media Center today (30) said that the earliest Sri Lanka can recover from bankruptcy is in 2027, at which time it is envisaged that the countries foreign reserves which stand at USD 3.5 billion at present would increase to USD 14 billion.
Sri Lanka was declared bankrupt in April 2022, when the government announced that it would be unable to repay its foreign debt obligations. This marked the country’s first sovereign default since its independence in 1948 and the first state in the Asia-Pacific region to enter sovereign default in the 21st century.
