Sri Lanka has taken a major step towards addressing its debt challenges with the reception of a preliminary Debt Restructuring Proposal (DRP) from the Official Creditor Committee. This development brings the country closer to completing the first review of its International Monetary Fund (IMF) program, with expectations high for the IMF to announce that Sri Lanka's debt is under control by the year-end.

The official creditor committee's proposal marks a pivotal moment in Sri Lanka's ongoing efforts to restructure its debt and navigate a challenging economic landscape. The DRP is seen as a crucial component in the country's strategy to manage its financial obligations more effectively and pave the way for sustainable economic recovery.

Sri Lanka, grappling with a complex debt situation, anticipates that the IMF will make an official announcement before the end of December, signaling that the nation has successfully reached a stage where its debt is under control. The achievement of this milestone is expected to instill confidence in the international financial community and contribute to Sri Lanka's broader economic stability.

The DRP is likely to undergo thorough examination and negotiations, involving key stakeholders and the Official Creditor Committee.