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Sri Lanka PM Says IMF Debt Deal Delayed by Unrest – AP

The island nation is looking at $12 billion of overseas debt and fuel and food shortages have led to widespread social unrest


Sri Lanka President Ranil Wickremesinghe
President Ranil Wickremesinghe speaks to media as he leaves a Buddhist temple, amid the country's economic crisis, in Colombo, Sri Lanka July 20, 2022. Photo: Reuters

 

Sri Lanka’s President Ranil Wickremesinghe said a deal with the International Monetary Fund to help the debt-stricken nation has been delayed until September because of recent unrest, the Associated Press reported. 

Wickremesinghe, in his first speech since he was elected by parliament, said on Saturday that even though he, when prime minister, had aimed to reach an agreement by early August, it has now been pushed back by a month, the report said. 

 

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Wickremesinghe was appointed after former President Gotabaya Rajapaksa, under whom the discussions with IMF began in April, was ousted on July 13. 

The finance ministry on Friday said Sri Lanka had resumed bailout discussions with IMF after the new government took office and talks were highly successful.

The country has $12 billion overseas debt with private creditors.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Sri Lanka Must Talk to China to Help Find Debt Solution: IMF

Sri Lanka Turns to China to Help Revive Its Trade, Tourism

Wickremesinghe Voted President in Sri Lanka, IMF Vows Help

Is Sri Lanka a Victim of China’s Debt-Trap Diplomacy?

 

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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