August 29, Colombo (LNW): Minister of Foreign Affairs, Ali Sabry, has issued a stark warning regarding the potential repercussions of renegotiating Sri Lanka’s agreement with the International Monetary Fund (IMF), labelling it a high-risk and potentially futile endeavour.
Speaking at a press conference titled ‘Two Years of Progress and Advancement’ at the Presidential Media Centre, Minister Sabry cautioned that reopening negotiations with the IMF could endanger the disbursement of the next tranche scheduled for December.
Additionally, he highlighted that such a move might also jeopardise further funding from the World Bank and the Asian Development Bank.
“If these negotiations are disrupted, Sri Lanka stands to lose between USD 1.2 billion and 1.3 billion from December 2024 to January 2025, which could plunge the country into deeper economic instability,” Sabry asserted.
The Minister also reflected on the challenges faced by the Ministry of Foreign Affairs since 2022, noting that the department had been tasked with repairing fractured international relationships and restoring global confidence in Sri Lanka.
“Over the past two and a half years, we have worked tirelessly to stabilise the nation by strengthening our foreign relations and leveraging them to boost the economy,” he stated.
