12 November 2024 08:37 am Views - 83
By Ajith Siriwardana
Claiming that the debt restructuring process will be completed by December this year, President Anura Kumara Dissanayake expressed confidence that Sri Lanka will receive the third tranche under the IMF Extended Fund Facility (EFF) by the end of January or early February next year.
Speaking at the final election rally in Gampaha, he said the IMF delegation will arrive in the country soon after the general election and that a third review could be completed and the third tranche obtained by the end of January or early February next year.
The President said Sri Lanka will have to pay foreign debts only after 2028 after completing the debt restricting process.
“After the debt restructuring process, Sri Lanka has to start paying debt after 2028. A certain leader said Sri Lanka could have extended the debt moratorium until 2033. But, the government has calculated that the GDP will increase more than the government debt by 2028.
The President said the third review was delayed due to the two elections and added that if the third review had commenced in September as scheduled earlier, then it could have been completed by December.
He said the government expects some economic stability after receiving the third tranche.
The President said the government has planned to present the Vote on Account in December and the budget for 2025 will be presented by the end of February, which would forecast the direction of the economy.
He said steps will be taken to increase government sector salaries and provide relief to low income families.