The signing of the bilateral Agreement with the Hungarian Export Credit Insurance Plc. in relation to the External Debt Restructuring Process, is a significant milestone of the External Debt Restructuring Process and testament to GoSL's commitment to conclude the restructuring process as soon as possible to restore debt sustainability and thereby revamp Sri Lanka's economy.

Following bilateral discussions after the conclusion of the MoU with the Official Creditor Committee (OCC), the Hungarian Export Credit Insurance Plc. has agreed to provide a debt relief measure by rescheduling the outstanding debts.

The Bilateral Agreement was signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning, and Economic Development, on behalf of the GoSL, and Mrs. Györgyi Rehoregh, Director, Foreign Corporate Risk Management & Claims and Recoveries Directorate, and Dr. Adrienn Hegyi Szénásiné, Head of Claims and Recoveries, Foreign Corporate Risk Management and Claims and Recoveries Directorate, on behalf of the Hungarian Export Credit Insurance Plc.

The estimated rescheduled debt under this agreement amounts to Euro 30 million.

The signing of the Agreement will certainly pave the way to developing further the deep and longstanding bilateral relationships between Hungary and the Government of Sri Lanka.