The Government of Sri Lanka (GoSL) and the Government of the Republic of Korea (ROK) successfully convened the Economic Development Cooperation Fund (EDCF) Policy Dialogue 2026 on April 28, 2026, at the Randora Auditorium, located within the Ministry of Finance, Planning and Economic Development. This significant meeting was co-chaired by representatives from both nations and provided an essential forum to assess their bilateral development collaboration, evaluate ongoing infrastructure initiatives, and solidify agreements in light of recent economic changes.
A key outcome of the dialogue was the formal exchange of signed agreements pertaining to the restructuring of debt for 18 EDCF loans, totaling roughly USD 267 million. This important administrative achievement highlights the dedication of both countries to sustaining development aid amid Sri Lanka’s shifting economic conditions and ongoing debt adjustments.
The session included in-depth presentations on Sri Lanka’s National Development Plan and the current state of debt restructuring, which were presented by officials from the Department of National Planning (NPD) and the Department of External Resources (ERD). Additionally, the Korean delegation outlined their Framework Plan for International Development for the years 2026 to 2030, as well as their Mid-Term Operational Direction, which aligns Korea’s Official Development Assistance with Sri Lanka’s recovery goals.
Delegates participated in extensive technical discussions regarding the major projects financed by the EDCF. Another significant topic of conversation was the potential extension of the existing EDCF Framework Arrangement (F/A), established in 2018, which serves as the legal and financial basis for South Korea’s concessional loans to Sri Lanka. The meeting concluded with the signing of the Minutes of Dialogue (MOD), reflecting a mutual commitment to future cooperation.
The Korean delegation was led by the Ministry of Economy and Finance (MOEF), with notable attendees including Mr. Byoungseok Choi and Ms. Myeonghui Hwang, along with representatives from the Export-Import Bank of Korea (KEXIM), headed by Director Daehee Kim. The Sri Lankan delegation was led by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, and included senior officials from various departments within the ministry, as well as representatives from the relevant line ministries and project executing agencies involved in the discussions.
