Renegotiating IMF agreement could jeopardize next tranche due in December: Ali Sabry

28 August 2024 05:56 pm Views - 1028

Colombo, August 28 (Daily Mirror)- Renegotiating with the International Monetary Fund (IMF) is a very serious and unsuccessful endeavour, Minister of Foreign Affairs Ali Sabry said today.

The Minister highlighted that resuming negotiations with the IMF could jeopardise the next tranche due in December, as well as subsequent disbursements from the World Bank (WB) and the Asian Development Bank (ADB).

"As a result, between December 2024 and January 2025, the country could lose between USD 1.2 billion to 1.3 billion, which could lead to further instability," Minister Sabry warned.

The Minister made these remarks during the news conference titled 'Two Years of Progress and Advancement', held at the Presidential Media Centre today.

"In 2022, the Ministry of Foreign Affairs was assigned a crucial role due to the country's challenging circumstances. We faced the task of rebuilding strained foreign relations, regaining the trust of the international community and leveraging international relations to boost the country's economy. After two and a half years of dedicated effort, we have successfully stabilised the country," he said.