IMF Bailout: President to make special statement, and will table agreement in Parliament

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe is scheduled to make a special statement in Parliament on Wednesday (22).

In addition, the President is expected to table the agreement reached with the International Monetary Fund.

In a special statement following the approval of the extended credit facility by the Executive Board of the International Monetary Fund (IMF) on Tuesday (21), President Ranil Wickremesinghe emphasized that Sri Lanka is no longer deemed bankrupt by the world.

The President further stated that the loan facility serves as an assurance from the international community that Sri Lanka has the capacity to restructure its debt and resume normal transactions.

Additionally, the President noted that the government is working to gradually lift import restrictions on essential goods, medicines, and tourism-related goods, as the foreign exchange situation improves. He expressed gratitude to all countries that supported the International Monetary Fund agreement, as well as the heads of the International Monetary Fund and the World Bank.

On the 20th of March 2023, the International Monetary Fund (IMF) announced that the IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF). 

The program will allow Sri Lanka to access financing of up to US$ 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organizations.