COLOMBO - Sri Lanka's Secretary to the Treasury Mahinda Siriwardana said on Saturday that the country officially exited sovereign default.

Siriwardana said in a post on X that there is no room for repeating past policy mistakes driven by rigid ideologies, dogmatic beliefs, or misleading narratives, which often result in unsustainable and unrealistic policies.

With economic stability now achieved, Siriwardana stressed the need to focus on measures that promote inclusive and sustainable growth.

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He said these efforts are crucial for creating jobs and generating income to help rebuild the lives of all Sri Lankans.

Siriwardana's statement followed Fitch Ratings' decision to upgrade Sri Lanka's rating to "CCC+," highlighting the achievement as the result of a long and challenging journey involving painful reforms and a highly complex debt restructuring process.

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Fitch Ratings announced the upgrade of Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating from Restricted Default to "CCC+" on Friday, citing the successful restructuring of international sovereign bonds and improved macroeconomic indicators as key factors.