SL NO LONGER A BANKRUPT NATION: PRESIDENT

● Agreement with the IMF will be tabled in Parliament shortly ● Says already implemented extremely tough reforms

In a special statement following the approval of the extended credit facility by the Executive Board of the International Monetary Fund (IMF), President Ranil Wickremesinghe yesterday emphasized that Sri Lanka is no longer deemed bankrupt by the world.

The President also stated that the loan facility serves as an assurance from the international community that Sri Lanka has the capacity to restructure its debt and resume normal transactions. President Wickremesinghe further said the agreement with the IMF will be tabled in Parliament shortly. This is Sri Lanka’s 17th IMF programme since its independence in 1948.

To clinch the IMF Board approval Sri Lanka has already implemented extremely tough reforms, which include sharp increase in tax rates, costreflective utility prices and steep expenditure cuts.