August 26, Colombo (LNW): President Ranil Wickremesinghe has issued a strong caution against any attempt to alter Sri Lanka’s agreement with the International Monetary Fund (IMF), emphasising that the terms are not open for renegotiation.
The President highlighted the significance of the agreement, noting that it secures approximately US$ 700 million every six months from the IMF, Asian Development Bank, and World Bank, which is crucial for stabilising the nation’s finances until January next year.
Drawing comparisons with Greece’s economic crisis, Wickremesinghe underscored the potential dangers of deviating from the current programme, which was established to prevent Sri Lanka from sliding back into economic turmoil.
He expressed particular concern over proposals from the Samagi Jana Balawegaya (SJB) and Janatha Vimukthi Peramuna (JVP) to reconsider the arrangement, warning that any modifications could lead to the suspension of IMF funding in the coming year.
The President explained that restarting negotiations with the IMF would be a lengthy process, potentially taking up to three months, followed by a six-week waiting period for approval from the IMF Board of Directors.
Given the precarious state of the economy, Wickremesinghe argued that it would be unwise for Sri Lanka to endure such a delay in financial support.
The President made these remarks during a United National Party (UNP) meeting held yesterday (25) at the party headquarters, Sirikotha, in Colombo.
