IMF-Sri Lanka talks to resume next week
IMF-Sri Lanka
The International Monetary Fund on Friday said that its team will travel to Sri Lanka next week to resume aid talks.
Formal negotiations on a fresh package for the struggling country started in June but were derailed by the political unrest that forced the now ex-president Gotabaya Rajapaksa to resign and then flee after a horde of protestorsdramatically overtook the presidential palace.
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After months of food, fuel, and medication shortages, the island nation defaulted payments on its $51 billion foreign debt in April and is now seeking assistance from the International Monetary Fund.
President Ranil Wickremesinghe has revealed that the loan package under discussion with the IMF is for $2 billion to $3 billion. As per a Reuters report, he also said that he will publish an interim budget in September that would emphasise the fiscal reduction measures negotiated with the IMF.
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IMF personnel are scheduled to travel to Colombo from August 24 to August 31 "to continue discussions with the Sri Lankan authorities on economic and financial reforms and policies," according to a statement from the Washington-based crisis lender.
"The objective is to make progress towards reaching a staff-level agreement" on a funding package "in the near term," said IMF.
As per AFP, IMF said that any loan programme would, however, "require adequate assurances by Sri Lanka's creditors that debt sustainability will be restored" due to the fact that the nation's public debt is "unsustainable."
In the midst of rampant inflation, the country's central bank warned on Thursday that the GDP could decline by more than 8 per cent this year, with inflation topping at 65 per cent.
(With inputs from agencies)
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