The government has declared that all pension funds are exempt from the Debt Exchange Program.
This comes after a meeting on December 22 between organized labor, the ministry of employment and labor relations, the ministry of finance, the ministry of national security, and all other parties concerned.
All pension funds will be spared, but only if the government and Organized Labor cooperate to look towards compromises that meet the debt sustainability requirements.
Following the meeting on Thursday, December 22, 2022, a seven-member committee was established under the terms of a Memorandum of Understanding (MoU) between the government and Organized Labor to look into technical options for lowering the debt ceiling to levels that are manageable.
“We believe that Government and Organised Labour can work together in the spirit of social partnerships to resolve all outstanding issues to make the Debt Exchange Programme successful towards restoration of macroeconomic stability and economic recovery,” the MoU stated.
Below is the MoU