The International Monetary Fund (IMF) has reached an agreement in principle with Sri Lanka for Loan of About $2.9 billion help Saving the country from its worst economic crisis in decades, the global the lender announced Thursday.
Ranking and spread over Four years, will work to restore financial and macroeconomic stability and debt Sustainability as well as opening the country growth Potential, IMF team He said visit Sri Lanka in a permit.
The program Will aim to raise government revenue to support Fiscal consolidation, input new Pricing for fuel and electricity, high social Spending, central support bank autonomy and rebuild Depletion of foreign reserves.
The package conditional on Approval from IMF management and executive boardBeside on Receive assurances from creditors in Sri Lanka, which include countries like China, India, Japan, that debt Sustainability will be restored.
Debt relief will be from Sri Lankan creditors and additional financing from multilateral partners required to me help ensure debt Sustainability and closing financing gaps.
Sri Lanka in the midst of an unprecedented economic crisis with Severe deficiency that lasts for months of Necessities like Fuel, medicine and cooking gas due to the severe scarcity of foreign exchange. Although the cooking gas supply was restored Through the World Bank supportShortage of fuel, critical Medicines and some food items continue.
The debt the country epics was seeking up to $3 billion from the International Monetary Fund in try to escape Its worst economic crisis since independence from Britain in 1948.
The island state stopped the payment of Nearly $7 billion in Foreigner debt because of for this is year. The state total Foreigner debt amounts to more over $51 billion, of $28 billion to be repaid by 2028.
Sri Lanka economy It is expected to shrink by 8.7%. in 2022, with inflation rising The International Monetary Fund said that more than 60%, adding that the impact has been made hit The hardest is the poor and the weak.
Staff-level agreement is only the beginning of Along the way for Sri Lanka,” senior International Monetary Fund official Peter Brewer told reporters in The commercial capital of Colombo. “The authorities have already The repair process has begun and must continue with determination.”
The lender told her package will focus on stable economy, protect livelihood of Citizens and help to stimulate growth. Key elements include major energy tax and pricing reforms, increasing social Spending, replenishing foreign exchange reserves and introducing stronger anti-corruption law framework.
Sri Lanka’s President, Ranil Wickremesinghe, said on Tuesday that the talks with International Monetary Fund successfully receipt final Stages also presented temporarily budget Aim to get rescue package. The measures identified included raising some taxes, reducing capital spending, taming inflation and boosting relief programs.
Wickremesinghe handed him to first budget Suggestion after it was elected by Parliament in July to fill in the rest of the five-year term of ousted president Gotabaya Rajapaksa, who fled the country in July resigned after the protesters who Blame him and him family for Crisis stormed his country official Accommodation.
Wickremesinghe said the United Nations and others international organizations launched a program to me ensure food security. He said schools have reopened and universities have resumed classes after a long closure. However, long fuel lines reappeared after a share system Looks like he got them under control over The past weeks.
in budget The speech, Wickremesinghe Finance said to his management program We will strive to increase government revenue to about 15% of GDP by 2025, reduce down public sector debt, inflation control and value increase-added Tax (VAT) to 15% of The current 12%.
The new budget It came amid a relative calm after months of public The protests that once toppledpowerful Rajapaksa political dynasty. Sri Lanka was a crisis made worse than before global Factors like epidemic and russia invasion of Ukraine, but many accused the Rajapaksas family of Economic mismanagement and severe corruption that pushed the country into bankruptcy.
Rajapaksa now in Thailand. Party leaders say he is expected to return from exile early in September and asked Wickremesinghe to provide it for him with Security and facilities that a former The president is legally entitled.
Since becoming president, Wickremesinghe has cracked down on Demonstrators and their dismantling main camp outside President office. The use of harsh counterterrorism law to detain a protest leader has raised human rights concerns in the United States and the European Union.
The International Monetary Fund (IMF) has reached an agreement in principle with Sri Lanka for Loan of About $2.9 billion help Saving the country from its worst economic crisis in decades, the global the lender announced Thursday.
Ranking and spread over Four years, will work to restore financial and macroeconomic stability and debt Sustainability as well as opening the country growth Potential, IMF team He said visit Sri Lanka in a permit.
The program Will aim to raise government revenue to support Fiscal consolidation, input new Pricing for fuel and electricity, high social Spending, central support bank autonomy and rebuild Depletion of foreign reserves.
The package conditional on Approval from IMF management and executive boardBeside on Receive assurances from creditors in Sri Lanka, which include countries like China, India, Japan, that debt Sustainability will be restored.
Debt relief will be from Sri Lankan creditors and additional financing from multilateral partners required to me help ensure debt Sustainability and closing financing gaps.
Sri Lanka in the midst of an unprecedented economic crisis with Severe deficiency that lasts for months of Necessities like Fuel, medicine and cooking gas due to the severe scarcity of foreign exchange. Although the cooking gas supply was restored Through the World Bank supportShortage of fuel, critical Medicines and some food items continue.
The debt the country epics was seeking up to $3 billion from the International Monetary Fund in try to escape Its worst economic crisis since independence from Britain in 1948.
The island state stopped the payment of Nearly $7 billion in Foreigner debt because of for this is year. The state total Foreigner debt amounts to more over $51 billion, of $28 billion to be repaid by 2028.
Sri Lanka economy It is expected to shrink by 8.7%. in 2022, with inflation rising The International Monetary Fund said that more than 60%, adding that the impact has been made hit The hardest is the poor and the weak.
Staff-level agreement is only the beginning of Along the way for Sri Lanka,” senior International Monetary Fund official Peter Brewer told reporters in The commercial capital of Colombo. “The authorities have already The repair process has begun and must continue with determination.”
The lender told her package will focus on stable economy, protect livelihood of Citizens and help to stimulate growth. Key elements include major energy tax and pricing reforms, increasing social Spending, replenishing foreign exchange reserves and introducing stronger anti-corruption law framework.
Sri Lanka’s President, Ranil Wickremesinghe, said on Tuesday that the talks with International Monetary Fund successfully receipt final Stages also presented temporarily budget Aim to get rescue package. The measures identified included raising some taxes, reducing capital spending, taming inflation and boosting relief programs.
Wickremesinghe handed him to first budget Suggestion after it was elected by Parliament in July to fill in the rest of the five-year term of ousted president Gotabaya Rajapaksa, who fled the country in July resigned after the protesters who Blame him and him family for Crisis stormed his country official Accommodation.
Wickremesinghe said the United Nations and others international organizations launched a program to me ensure food security. He said schools have reopened and universities have resumed classes after a long closure. However, long fuel lines reappeared after a share system Looks like he got them under control over The past weeks.
in budget The speech, Wickremesinghe Finance said to his management program We will strive to increase government revenue to about 15% of GDP by 2025, reduce down public sector debt, inflation control and value increase-added Tax (VAT) to 15% of The current 12%.
The new budget It came amid a relative calm after months of public The protests that once toppledpowerful Rajapaksa political dynasty. Sri Lanka was a crisis made worse than before global Factors like epidemic and russia invasion of Ukraine, but many accused the Rajapaksas family of Economic mismanagement and severe corruption that pushed the country into bankruptcy.
Rajapaksa now in Thailand. Party leaders say he is expected to return from exile early in September and asked Wickremesinghe to provide it for him with Security and facilities that a former The president is legally entitled.
Since becoming president, Wickremesinghe has cracked down on Demonstrators and their dismantling main camp outside President office. The use of harsh counterterrorism law to detain a protest leader has raised human rights concerns in the United States and the European Union.