Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    OKX to Award over USD200k in Prizes with OKX Crypto Cricket Cup Campaign for Cricket Fans

    October 4, 2023

    Bar-Ilan University introduces game-changing blood sugar monitor for smartphones

    October 4, 2023

    Diplomatic rift grows as India seeks repulsion of 41 Canadian diplomats

    October 4, 2023
    Facebook X (Twitter) Instagram
    Amman PressAmman Press
    • Automotive
    • Business
    • Entertainment
    • Health
    • Luxury
    • Lifestyle
    • News
    • More
      • Sports
      • Technology
      • Travel
    Amman PressAmman Press
    You are at:Home » Preliminary agreement between Sri Lanka and the IMF is expected
    Business

    Preliminary agreement between Sri Lanka and the IMF is expected

    August 19, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    In a statement, the head of Sri Lanka’s central bank said that he hopes that the government can reach a preliminary agreement with the International Monetary Fund (IMF) that might lead to a bailout package during this month’s visit by IMF officials to the crisis-hit island nation. IMF officials and Sri Lanka’s government should “finalize and reach a staff-level agreement” during their talks, Sri Lankan central bank governor Nandalal Weerasinghe said.

    Preliminary agreement between Sri Lanka and the IMF is expectedIn April, Sri Lanka announced that it would suspend repayments on its foreign loans. A total of $51 billion is owed to foreign creditors, of which $28 billion must be repaid by 2027. An AP report indicates that the government plans to restructure all of its debt. Weerasinghe told reporters Thursday that the IMF agreement would provide them with “a clear picture of debt sustainability and debt targets over the next decade.” In addition to sovereign bond holders, Sri Lanka will approach other external creditors once an agreement is reached, Weerasinghe said. “We hope all our creditors will support Sri Lanka once they see the IMF’s strong macro program,” he added.

    Two weeks ago, Sri Lankan Prime Minister Ranil Wickremesinghe announced that his government has begun negotiations with the IMF on a four-year rescue plan and has begun finalizing a debt restructuring plan. As Mahinda Rajapaksa’s successor, Wickremesinghe will complete the remainder of his five-year term until 2024. In order to cut public debt and make Sri Lanka a competitive export economy, Wickremesinghe’s government is preparing a national policy roadmap for the next 25 years. For Sri Lanka to avoid a recurrence of economic crises, Wickremesinghe says the country needs long-term solutions.

    Related Posts

    Post-holiday blues hit Hong Kong’s Chinese equities as economic concerns rise

    By Elsabeth SchneiderOctober 4, 2023

    World Bank’s revised outlook for East Asia reflects China’s economic hurdles

    By Elsabeth SchneiderOctober 3, 2023

    Maritime’s green future priced at $28 billion annually until 2050 by UNCTAD

    By Elsabeth SchneiderSeptember 29, 2023

    From India to Brazil, leadership transition marks G20 Summit’s conclusion

    By Elsabeth SchneiderSeptember 11, 2023
    Latest News

    Bar-Ilan University introduces game-changing blood sugar monitor for smartphones

    October 4, 2023

    A trailblazing development from Bar-Ilan University’s Faculty of Engineering is revolutionizing the world of health tech. Professor…

    Diplomatic rift grows as India seeks repulsion of 41 Canadian diplomats

    October 4, 2023

    Post-holiday blues hit Hong Kong’s Chinese equities as economic concerns rise

    October 4, 2023

    Finland blazes a trail with the world’s first digital passport system

    October 3, 2023

    World Bank’s revised outlook for East Asia reflects China’s economic hurdles

    October 3, 2023

    Amazon drought results in over 100 dolphin deaths

    October 2, 2023
    © 2023 Amman Press | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.