President Ranil Wickremesinghe making a special statement on the International Monetary Board's approval for an extended arrangement under the Extended Fund Facility (EFF), said that Sri Lanka will no longer be treated as a bankrupt country.
"The IMF has certified that Sri Lanka is capable of restructuring its debt. Sri Lanka will no longer be treated as a bankrupt country," he said.
Normal economic activities can resume with this assurance, the President said. "As our foreign exchange situation improves, the restrictions placed on imports will be gradually lifted," he said. The President noted that essential goods, medicines and goods related to the tourism industry will be included in the first round.
The President expressed his gratitude to all countries that helped Sri Lanka finalize the IMF deal, including the heads of the International Monetary Fund. The President said he will make a full statement on the IMF facility in Parliament tomorrow, adding that the agreement will also be tabled in Parliament.
Lk Tuesday, 21 March 2023 12:41 PM
This is win for Ranil and for the country..No doubt about it ..all damages done by MR and co have been amended now ..Now if Ranil is cleaver enough should marginalise all those who looted the country and those who have inflicted this damage to this country...Now people will love to vote for Ranil but with the condition that he keep with him all trustworthy people with him ...Now he has to take on board some good and honest people ...A good move and we should appreciate Ranil and co for this ....the country is moving toward a good plan to restructure all debt and come out of this crisis..Ranil is lucky man in politics..After 40 years of failure now he is stuck with a fortune in politics
Shariq Tuesday, 21 March 2023 01:31 PM
Most definitely agree. Unfortunately, he can't easily shake off those crooked MPs from SLPP that easily. If he angers them he can run this risk of them forcing him out. He needs to play it carefully.
Anthony Perera Tuesday, 21 March 2023 01:46 PM
How can he? He is the proxy of the cursed corrupt family..
Always break down Tuesday, 21 March 2023 12:42 PM
...with a parliamentary majority of crooked cronies? Dissolve it and go for the election.
Cherath Tuesday, 21 March 2023 12:55 PM
The state of Bankruptcy arose when Sri Lanka declared itself unable to meet the repayment obligations. The IMF 's EFF is merely a loan facility when most previous creditors declined any loan assistance due to 'bad debt' status amounting to bankruptcy . This has not changed. So Sri Lanka is still a wholesome bankrupt nation.
Jagath Ekanayake Tuesday, 21 March 2023 01:16 PM
This is just stupid word play from a deceiful president. Until we can service our debts from revenue generation we will remain a bankrupted country. Paying of loans with other loans is called bank rolling.
C Fernando Tuesday, 21 March 2023 04:12 PM
Quite right. Just shocked at the ignorance of commentators who think that all our problems are now resolved.
The fake president Tuesday, 21 March 2023 01:21 PM
This is just another loan to pay off other loans and even if a beetle nut seller was the president it would have been approved. But Ranil is behaving like he got Google ,Tesla and Amazon to shift their operations to SL.
Robin Banks Tuesday, 21 March 2023 01:23 PM
Fantastic all our problems will disappear and we can now live happily ever after. This man is excellent con artist.
Anthony Perera Tuesday, 21 March 2023 01:43 PM
Hope the fool does not squander this lifeline. Being a proxy of the corrupt Rajapaksas he might.
Citizens Tuesday, 21 March 2023 02:04 PM
Now get the loot back and make sure the country doesn't go bankrupt again. Well done!
Ranjith Tuesday, 21 March 2023 02:15 PM
Srilanka is still bankrupt, IMF is only assured another loan, this will add to loans already obtained from chilna $ 7 billion, India $4billion, Bangladesh $200 million and more government is indebted to local banks as well.To get out of this situation is not that easy is already being IMF 16 times we have not learned from our mistakes in the past,history will repeat, The thief's Rajapakses regime still in control they call the shots not Ranil .
amnesiaSLBoi Tuesday, 21 March 2023 02:22 PM
Beggars can't be choosers.
Man Tuesday, 21 March 2023 02:27 PM
Yes, not deemed but apparent and obvious as the Finance Ministry secretary declared that no way to find money.
Pradeep Tuesday, 21 March 2023 02:31 PM
Who drove the country bankruptcy ? You also a culprit, not a hero to admire, it is shameful few people cheering for a another loan
Nirmal Tuesday, 21 March 2023 02:54 PM
Bankrupt is when liabilities falling due cannot be repaid. If a 10 year moratorium is obtained then those liabilities will not be falling due for payment . Hence the nation would not be deemed bankrupt . The president's comments is correct. Some here find it hard to give credit where credit is due. This is a good outcome for Sri Lanka. It gives us the breathing space to get our house in order . Anyone who has run a business will understand what a big deal it really is. Others will be cynical and criticise.
Ranjith Tuesday, 21 March 2023 03:08 PM
Country is still bankrupt we owe india$4 billions and China $7billion and Bangladesh $200 million and other overseas creditors top of this government has heavily borrowed from local institutions, this is the 17th time we have gone to IMF the racketeering is still going and in power no future for srilanka under current rulers what a shame ,who made this country bankrupt Ranil and Rajapakses regime .Why are we selling SLT and Lanka hospital because we are bankrupt.
Gabba Tuesday, 21 March 2023 03:20 PM
What a shameless nation!!! Obtaining a loan to pay older loans and bragging about it!!!! Why should anyone of the citizen be happy about this????? After all this burden is on citizen on any politicians !!!! Not the next 200 years this country will be any closer to a developing nation !!! Period
Lanka putha Tuesday, 21 March 2023 03:33 PM
Congratulations sir. Now the x team can join you to bring the country up and running.
Jef Tuesday, 21 March 2023 04:03 PM
You have to give credit to MR PRESIDENT like it or not he got the most important thing done now hopefully country move accordingly with no nonnsece reform plan until the next step done to minimize suffering if our Mr President must put firm tough proper mechanism to displin our politicians officials stop all kinds of corruption bribery elesgal activities nothing but put the country first .genuine judicial system to protect the country financials asserts STOP politicians influences completely for own benifits inc all law enforcement officials agency's etc until that happens chances of recovery is very slim but this President got the backbone not like any other due to his own talent educated experience
Spartacus Tuesday, 21 March 2023 04:14 PM
Absolute donkey when all fellows who bankrupt it, including Ranil are in power, including some Buddhist Monks. We must thank countries such as India who actually helped us in the interim. Further, the politicians were forced by IMF to follow rules to stop corruption and improve the economy. The rationing of fuel was one and banning duty free vehicles for Politicians and Govt Servants another. More strict conditions and monitoring by IMF. However, as time goes by and economy improves these rascals will again start plundering the economy for sure. All citizens must remember this, they are still in power.
Volker Metzger Tuesday, 21 March 2023 04:44 PM
A factual and sober look at the financial aid of the IMF shows that Sri Lanka is now experiencing a certain relief from its overall precarious economic and financial situation! This can be an important psychological impulse for people and a positive stimulus for economic activity. However, the country's actual central problem remains unchanged as long as the differentiated internal political and structural determinants that determine politics and the economy are not subjected to a fundamental correction! They do not have to be repeated at this point, as they are known to everyone in the country! It is of decisive importance in this social restructuring process that it takes place according to the principles of justice, solidarity and the welfare state and not at the expense of weak social groups!!! The test of the success of such a policy is only the concrete, everyday reality of people!
Bandara Tuesday, 21 March 2023 05:54 PM
Looking at the comments, there are too many pessimistic people
jan Tuesday, 21 March 2023 07:07 PM
SRILANKA MUST HAVE EXPORT ORIENTED POLICY, MUST ACCELERATED NEW WAYS TO ATTRACT FOREIGN REMITTANCE,APPOINT PROFESSIONALS TO HANDLE IT,
Ranjith Tuesday, 21 March 2023 07:10 PM
Volker Metzger Tuesday, 21 March 2023 07:32 PM
A factual and sober look at the financial aid of the IMF shows that Sri Lanka is now experiencing a certain relief from its overall precarious economic and financial situation! This can be an important psychological impulse for people and a positive stimulus for economic activity. However, the country's actual central problem remains unchanged as long as the differentiated internal political and structural determinants that determine politics and the economy are not subjected to a fundamental correction! They do not have to be repeated at this point, as they are known to everyone in the country! It is of decisive importance in this social restructuring process that it takes place according to the principles of justice, solidarity and the welfare state and not at the expense of weak social groups!!! The test of the success of such a policy is only the concrete, everyday reality of people! That the current government, which does not have the consent of the majority of Sri Lankans
Dan Tuesday, 21 March 2023 07:59 PM
Should be able to hold the LG elections now since the country is not bankrupt anymore according to the President.
Anthony. R Tuesday, 21 March 2023 08:10 PM
Hero to Zero not very far. Stop dressing the masses as Cattle.
Citizen k Tuesday, 21 March 2023 08:45 PM
Please delude yourself .
Suffering Citizens Tuesday, 21 March 2023 10:28 PM
If so , then release the money voted fir LG Elections forthwith. After contributing hugely to the collapse of the economy in 45 years in both sides of the Parliament don't gloat Mr. Illegitimate President.
Ranjith Wednesday, 22 March 2023 07:20 AM
IMF has said they nothing against having elections its decision and a right of the people country is not bankrupt out of the woods let's have the elections now ,politics is a dirty game and Ranil and Rajapakses fear defeat
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