SL expects to sign staff-level agreement with IMF by end-August: Prez

President Ranil Wickremesinghe has told Wall Street Journal (WSJ) that Sri Lanka is expected to reach a staff-level agreement with the International Monetary Fund (IMF) by the end of August.

Earlier this week, he told Associated Press that the people’s protests and resultant unrest pushed back an agreement with the IMF to September. 

Wickremesinghe also told WSJ that Sri Lanka would have to secure upwards of US $ 3 billion from other sources next year to support the essential imports, including fuel, food and fertilisers.

He further said it would be months before Sri Lankans would see any marked improvement in their economic circumstances.

Meanwhile, he told WSJ that it was not the right time for former president Gotabaya Rajapaksa to return to the country, as it could inflame political tensions.

“I don’t believe it’s the time for him to return,” Wickremesinghe was quoted as saying.
“I have no indication of him returning soon.”

Rajapaksa, after facing calls to resign over his handling of the country, fled on July 13 and stepped down from his position.

Days later, Wickremesinghe won a vote in Parliament to become the new President.
Wickremesinghe has remained in contact with Rajapaksa to deal with the administrative handover issues and other government business, WSJ reported.

The crisis-hit country has been in talks with the IMF on a bailout package. In April, Sri Lanka had suspended repayments on about US $ 12 billion of foreign debt and has payments of nearly US $ 21 billion due by the end of 2025.