ECONOMYNEXT – Sri Lanka has experienced the worst of its economic crisis and political stability will help the country turn a corner, starting with finalising negotiations for an International Monetary Fund (IMF) bailout, President Ranil Wickremesinghe has told The Wall Street Journal. However, it will be some months before most Sri Lankans begin to see their economic situation noticeably improve, he had said. President Wickremesinghe told the WSJ that he expects an IMF staff level agreement to be reached by end August, after which the country would be able to further talks with sovereign bondholders and bilateral creditors. Nor had Rajapaksa indicated any plans to return, Wickremesinghe was quoted as saying. “I have been elected constitutionally… it’s up to us to perform now.”The president noted that, once an IMF agreement was in place, Sri Lanka would have to work out debt restructuring with creditors who have differing approaches.

Source: Wall Street Journal August 06, 2022 08:56 UTC