While many economic analysts are celebrating Sri Lanka’s recent agreement with international commercial creditors to restructure over $17 billion in foreign debt as a significant milestone, others have raised concerns, dismissing it as mere “fake news.”
These critics argue that the announcement, made just before the Presidential Election on September 21, 2024, is a strategic move timed to influence voters during the cooling-off period.
“This is a cynical and dishonest campaign capped by an eleventh-hour debt restructuring deal announcement,” claimed one economist.
Releasing a document, he pointed out, “There is no signature on this document, not even an official communication reference. It can easily be denied during bondholder negotiations or with the IMF. They’ve been saying ‘agreed in principle’ for a year now and this is no real agreement.”
He further emphasized that the document lacks seals or signatures from the President’s Media Division (PMD) or the President’s Secretary, who typically handle such announcements. Drawing parallels to a similar incident, he remarked, “This is just like the fake document Tissa Attanayake showed before the Silent Period in 2015. This won’t fool anyone.”
“It’s only an ‘Agreement in Principle,’ as Ali Sabry and Shehan Semasinghe have been stating since negotiations began. No final agreement has been reached yet.”
“An agreement in principle is like agreeing to get married, but the marriage isn’t official until the registry is signed with two witnesses and a certificate is issued” he said.
