Sri Lanka is on the verge of getting “very positive news” from the International Monetary Fund on a $2.9 billion programme, a authorities minister mentioned on Tuesday, whereas a senior supply mentioned it had additionally received debt restructuring help from China.
Sri Lankan President Ranil Wickremesinghe’s workplace mentioned he would ship a particular assertion in parliament on Tuesday to “explain to the nation the current state of the economy and progress on IMF negotiations”.
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The island nation of twenty-two million is fighting its worst financial disaster in additional than seven many years.
“Sri Lanka is on the verge of getting very positive news from the IMF,” the junior finance minister, Shehan Semasinghe, advised parliament.
“The IMF programme is essential for us and Sri Lanka has worked very hard since last September to secure it.”
A senior Sri Lankan authorities official mentioned the Export-Import Bank of China had written to the IMF supporting Sri Lanka’s debt restructuring programme, which is crucial to securing last approval for the mortgage.
“It is our expectation that the IMF will consider all the prior actions by Sri Lanka and these financing assurances favourably and approve the programme soon,” mentioned the supply, declining to be named as they weren’t authorised to speak to the media.
Chinese Foreign Minister Qin Gang mentioned on Tuesday that the nation would proceed to take part within the settlement of worldwide debt issues in a constructive method.
Responding to a query on the sidelines of an annual parliament assembly in Beijing, Mr. Qin additionally mentioned that China needs to be the final to be accused of inflicting debt traps in different international locations and known as on different events to share the burden.
Source: www.thehindu.com