SL Chief assures to complete debt restructuring and emerge from bankruptcy by September
The president said that he took control of the bankrupt country and brought its economy to a stable state by going to the International Monetary Fund.
The International Monetary Fund has imposed harsh conditions on us. Wickremesinghe, who is also the finance minister, has introduced drastic tax hikes, said Wickremesinghe
Another tough financial decision to please the IMF.
He urged all Sri Lankans to work towards getting out of bankruptcy.
“In the past, after Sri Lanka was declared a bankrupt country, no investors came to the country. Previous investors left the country. In such an environment, foreign investors are not interested in providing assistance to Sri Lanka.”
Facing the worst economic crisis ever, Sri Lanka in April 2022 suspended the repayment of external debts and called on the International Monetary Fund to intervene.
The International Monetary Fund has offered a conditional rescue package of $3 billion to be paid in parts over four years. The package also aims to help reduce the debt of the Indian Ocean island nation by $17 billion through restructuring.
Co-chaired by India, Japan, France and Paris Club creditors, 17 countries have formally formed a formal creditor committee to discuss Sri Lanka’s request for debt remediation.
China, Sri Lanka’s largest bilateral creditor, stands as an observer.