https://sputniknews.com/20220731/sri-lankas-president-says-imf-deal-delayed-over-unrest-warns-imf-funds-wont-solve-crisis-1097971833.html
Sri Lankan president says IMF deal delayed due to ‘unrest’, warns IMF funds won’t solve crisis
Sri Lankan president says IMF deal delayed due to ‘unrest’, warns IMF funds won’t solve crisis
The World Food Program (WFP) warned this month that more than six million Sri Lankans, almost a third of the country’s population, remain “food insecure”… 31.07.2022, Sputnik International
2022-07-31T09:33+0000
2022-07-31T09:33+0000
2022-07-31T09:33+0000
Sri Lanka
ranil wickremesinghe
IMF
gotabaya rajapaksa
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The agreement for an Extended Financing Facility (EFF) between the International Monetary Fund (IMF) and the Sri Lankan government has been delayed due to ‘unrest’ in the South Asian nation this month, the president says Ranil Wickremesinghe in a speech delivered in the country’s capital. Kandy on Saturday evening, according to local media. Under the EEF, Sri Lanka is requesting nearly $4 billion from the IMF to meet its import needs for the coming months. An IMF delegation visited Sri Lanka in June to finalize the terms of the agreement. In his first speech after taking over the presidency on July 20, Wickremesinghe revealed that the IMF deal had now been “pushed back” to September. He said the deal was originally expected to be completed in August. , China and mainly Western private bondholders. Beijing accounts for about 10% of Sri Lanka’s overall debt, the central bank governor said. The Washington-based lender said this week it would resume negotiations with Sri Lankan authorities, after another round of protests earlier this month culminated in the then president. Gotabaya Rajapaksa fleeing the country on July 12. Wickremesinghe’s private residence was burned down by anti-government protests, which also took over the official residence of the president as well as the presidential secretariat. Rajapaksa resigned from the presidency after reaching Singapore from the Maldives. Sri Lanka Podujana Peramuna (SLPP) from Rajapaksa. Facing its worst economic crisis since independence in 1948, in April Sri Lanka suspended payment of its $51 billion foreign debt. The crisis, caused by a Balance of Payments (BoP) crisis due to dwindling foreign exchange reserves, has caused unprecedented shortages of fuel, food and medicine, all imported to meet the needs of a population of 22 million inhabitants. Last month, the government banned fuel imports for a year. , allowing only certain companies to buy gasoline and diesel from abroad. Authorities also imposed strict rationing to preserve fuel. As a result of widespread shortages, inflation peaked at more than 60% for the month of July, according to a statement from the Census and Statistics Department on Saturday.
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The World Food Program (WFP) warned this month that more than six million Sri Lankans, almost a third of the country’s population, remain “food insecure” and that the situation is likely to worsen in the coming weeks.
The agreement for an Extended Financing Facility (EFF) between the International Monetary Fund (IMF) and the Sri Lankan government has been delayed due to ‘unrest’ in the South Asian nation this month, the president says Ranil Wickremesinghe in a speech delivered in the country’s capital. Kandy on Saturday evening, according to local media.
Under the EEF, Sri Lanka is requesting nearly $4 billion from the IMF to meet its import needs for the coming months. An IMF delegation visited Sri Lanka in June to finalize the terms of the agreement.
In his first speech after assuming the presidency on July 20, Wickremesinghe revealed that the IMF deal had now been “pushed back” to September. He said the deal was originally expected to be completed in August.
The Washington-based lender said this week it would resume negotiations with Sri Lankan authorities, after another round of protests earlier this month culminated in the July 12 flight from the country of then-President Gotabaya Rajapaksa.
Wickremesinghe’s private residence was set on fire by anti-government protesters, who also seized the president’s official residence as well as the presidential secretariat.
In a parliamentary vote on July 20, Wickremesinghe was removed as Prime Minister and sworn in as the new President with the support of Sri Lankan MPs Podjana Peramuna (SLPP) from Rajapaksa.
Faced with its worst economic crisis since its independence in 1948, Sri Lanka in April suspended the payment of its foreign debt to the tune of 51 billion dollars.
The crisis, caused by a balance of payments (BoP) crisis due to dwindling foreign exchange reserves, has caused unprecedented shortages of fuel, food and medicine, all imported to meet the needs of a population of 22 million inhabitants.
Last month, the government banned the import of fuel for a year, allowing only certain companies to buy petrol and diesel from abroad. Authorities also imposed strict rationing to preserve fuel.
Following widespread shortages, inflation peaked at more than 60 percent for the month of July, according to a Census and Statistics Department statement released on Saturday.
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