The Executive Board of the IMF has approved Sri Lanka's USD 2.9bn bailout package, State Minister of Finance, Shehan Semasinghe confirmed to Daily Mirror a short while ago.
He said that President Ranil Wickremesinghe is to make a special statement tomorrow.
The President's Media Division said that President Ranil Wickremesinghe expressed his gratitude for the support of the IMF and other international partners.
"The IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF) that will enable Sri Lanka to access up to $7 billion in funding. The President committed to full transparency in all discussions with financial institutions & creditors, & to achieve sustainable levels of debt through prudent fiscal management & an ambitious reform agenda. The IMF program is critical to achieving this vision & will help to improve Sri Lanka's standing in international capital markets, making it an attractive country for investors, talent, & tourists," the PMD said.
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Patriot Monday, 20 March 2023 10:27 PM
Congratulations to those for the efforts by related government agencies
Feather Monday, 20 March 2023 10:29 PM
Well done Ranil
Andrew Monday, 20 March 2023 10:30 PM
Alas Sajith special knowledge of the English language was not needed after all to successfully negotiate the IMF deal.
Moren Monday, 20 March 2023 10:30 PM
The country has not restructured debt. They will have to pay interest on these IMF loans. Import restrictions are still in place. The dollar will continue to remain well above Rs350. It’s impossible for it to come down. Banks won’t sell all the USD you need.
Dilkie Tuesday, 21 March 2023 04:55 AM
Adding to the mega debt SL will need to pay. Debt ridden country. RW will gloat and ho on a spending spree.
Bertal Monday, 20 March 2023 10:32 PM
This is a key milestone in the recovery journey.
H Ranawaka Monday, 20 March 2023 10:33 PM
Beggar Ranil Got IMF Loan
Milroy Peter Monday, 20 March 2023 10:38 PM
More debt more debt this will not change anything we have to pay this money back this government is a fool and incompetent they must be removed immediately soon as possible
Sam Silva Tuesday, 21 March 2023 02:30 AM
Yes this will add more to the debt. But the main objective is our country will have a better opportunities than year ago because the outlook is better
Lokku Pantha Monday, 20 March 2023 10:39 PM
Fantastic news to all Sri Lankans. Please handover the money to the Rajapakses and they know how to spend.
Suresh Monday, 20 March 2023 10:42 PM
Waiting to read the congratulatory messages from the opposition leader and the opposition parties. There were many who worked against this outcome and even lobbied against it. They must be despondent with this news.
roni Monday, 20 March 2023 10:42 PM
Only thing he can say and has been saying is that he compares himself to the Royal college cricket captain. Masses are not interested into details of IMF package, but what relief in reduction of taxes, oil prices and electricity tariffs will be passed down and when funds will be available to conduct local government elections. These funds must not be used to create further rogue ministers.
Sam Silva Monday, 20 March 2023 10:51 PM
Congratulations. Let's move forward as a country.
Lanka Monday, 20 March 2023 10:58 PM
CONGRATULATIONS! However, please use the funds WISELY! We can do much better if we stop wastage!
Chandralal Monday, 20 March 2023 11:06 PM
Libtard Monday, 20 March 2023 11:29 PM
Sad day for NPP
citien Monday, 20 March 2023 11:29 PM
hithana de wena ekak na
VRAJ NAGA Monday, 20 March 2023 11:41 PM
ALLMOST SRI LANKA BROWING MONEY FROM IFM FROM JR.JEYAVARTHANA BUT THE COUNTRY IS SITL PROPLEM NOT TO BE DON.???? WHEN THE TAMILS PROPLEM IS RESOLVED, THEN THIS COUNTRY SOCIAL ECONOMI DEVALEPMENT
Ranjan Tuesday, 21 March 2023 12:23 AM
This is not the first time SRi Lanka had IMF did funding. Did we gain anything? Present regime please aware of this and go forward without leaving our next generation a burden
Ram Tuesday, 21 March 2023 01:31 AM
In the appointment of the new IG when the President is not transparent what transparency can we expect in the IMF grant. In the recent past even IMF negotiations were not transparent. Cheers
French friendship Tuesday, 21 March 2023 03:12 AM
To make full valuable use of the opportunity Ranil has to reprimand and restructure pohottuwa and rajapaksha politics because their policies prevail only for self defence that destroy economy and the country. This will threat his presidency when economy recovers and it arises the need for an instant national elections to move forward with all IMF facilities. Instead if Ranil tries to deprive peoples democratic ang living rights, people will kick all these rulers out.
Rex Jarkie Tuesday, 21 March 2023 04:51 AM
Please do not rob this money but help to develop the ISLAND give relief to the people
Shohrab Tuesday, 21 March 2023 05:05 AM
This is a great outcome and another step in the right direction towards economic revival. Congratulations to Mr President and ALL who played an active role to secure this!!!!!!!!
Tissa Fernando Tuesday, 21 March 2023 05:14 AM
Let us hope that these guys do not start importing luxury cars and ham bacon for the elites with this money. Only use it to earn additional dollars but make sure that those dollars are brought back to the country.
Shelly Tuesday, 21 March 2023 06:05 AM
This must be a relief borrowing from Peter to pay Paul. It is not a lottery. Sri Lankans will have to bear the repayment cost of these loans for years to come.
Bandara Tuesday, 21 March 2023 07:12 AM
We as have postive hope as business community about Mr. President. Other 225 speak to the gallery.
Lion Tuesday, 21 March 2023 07:50 AM
Things will move on the same way as before, people will realize this in no time . Effects of this loan could affect positively for the life of the people of this country. 2.9 billion loan will be spent by 134 rouges and its leader who have contributed to bring this country to this level.
Jude Tuesday, 21 March 2023 07:56 AM
Now comes the toughest part, to get first tranche SL government must first get the human Rights situation corrected!! There'll be long process and lots of grovelling to be done!! Yeah!!
VJ Tuesday, 21 March 2023 07:58 AM
Is this the 17th time we have borrowed from the IMF? In spite of the financial assistance we received in the past, we have declared bankruptcy. How will it be different this time. Of course we will have money in our pockets as long as we don’t spend it. But how can we export in order to earn $ to settle $54 billion? 2.9 billion divided into four years is about $700 million a year. Since all those who caused the downfall of our economy are still holding the power base.
Sudda Tuesday, 21 March 2023 08:09 AM
After the so-called president, the ministers and MPs has taken their commission, hopefully there will be something left for development of the country
Lester Croos Dabrera Tuesday, 21 March 2023 08:12 AM
So we can get more loans?
lester Tuesday, 21 March 2023 08:12 AM
We knew you would bow down to your IMF western masters. That's all you know how to do properly. Poor people are now on the hook for more debt. Did you at least conduct a study that IMF loan would expand the economy and increase the GDP so government can increase the tax base and pay back the debt? No, you just want to please your western masters. In your mind, you don't live in this country. You live in a makeshift western world.
Dana Tuesday, 21 March 2023 08:40 AM
Most seem to think getting an IMF loan approved after eight months is the panacea for all our ills in our country. We still have to pay back this and subsequent loans in addition to the previous massive amount of loans.
Marline_DF Tuesday, 21 March 2023 08:46 AM
The comments show the IQ level of 95% of SL population, ask a businessman how he deploys Debt and do you think this government mechanism can replicate the same. Only way SL can develop is thru efficiency, non-corruption and increasing exports. Now ask do we have a strategy to achieve these targets, the young generation must push for reforms in the political administration as this is the only hope if SL to achieve as a nation.
guna Tuesday, 21 March 2023 09:12 AM
SJB and NPP must be very sad
sunil Tuesday, 21 March 2023 09:13 AM
With or without the peoples mandate, RW has done a great job
Concerned Citizen Tuesday, 21 March 2023 09:58 AM
Well done RW for your fantastic efforts in securing the IMF for the country. NPP and SJB we don't require you... RW will continue for the next 10 years..
Vipin B Tuesday, 21 March 2023 10:14 AM
The money will now go to Rajapakses. Then you know the rest. It would have been great had we come out of this crisis on our own efforts rather than taking more loans repay the existing loans. In the end, that is what it is all about. What is needed is fixing the root cause that led to all this.
Sambo Tuesday, 21 March 2023 10:42 AM
What a sinful country we have been born into. We live to pay the debts of our politicians. They steal and the public pays. When will this come to an end.
Anthony. R Tuesday, 21 March 2023 08:18 PM
It's too soon to celebrate, they Loot,the masses repay. What a nation, shame. The truth is a bitter medicine.
Observer Sunday, 26 March 2023 01:48 AM
Until and unless we have two states in one country, Sri La nka will never ever improve.
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