Reply To:
Name - Reply Comment
Last Updated : 2024-04-24 11:58:00
14 April 2022 11:22 am - 26 - {{hitsCtrl.values.hits}}
Sri Lanka needs between $3 billion to $4 billion this year to pull itself out of an unprecedented economic crisis and plans to start talks with the International Monetary Fund for help, Finance Minister Ali Sabry said.
The nation is looking at making a “decent case” before the IMF to help preserve the economy, he said in an interview to Bloomberg Television’s Yvonne Man and David Ingles. Sabry said talks are scheduled to begin in Washington on April 18 and he expects emergency relief funds a week later, if things go well.
“Our appeal to them is to release it as soon as possible,” Sabry said, adding that the President Gotabaya Rajapaksa’s government still enjoys majority in Parliament and hence the rightful authority to engage with the lender. Sabry indicated some funds the nation is seeking will come from other lenders and governments besides the IMF, but didn’t provide a breakdown.
Sabry, along with newly appointed central bank Governor Nandalal Weerasinghe, is a key member of Rajapaksa’s team for bailout talks with the IMF. The funds are crucial to the success of a debt restructuring process initiated by the island nation this week after suspending some outstanding loan and interest payments.
Sabry also sought to reassure investors of the nation’s intent to repay loans.
EXCLUSIVE: Sri Lanka's new finance minister, Ali Sabry, says the country plans to start talks with the IMF on April 18 to secure as much as $4 billion in aid for the economy.
— Bloomberg (@business) April 14, 2022
He also signaled optimism in getting financial support from China and India https://t.co/oUksMp7ea6 pic.twitter.com/uIzYwe2aEK
“What we have very categorically stated, across the board, is that we will honor our debt,” he said. “The commitment is there, the desire is there, but we don’t immediately have the funds to disburse.”
The IMF’s involvement should help negotiations with bond holders, Citigroup Global Markets analysts Donato Guarino and Johanna Chua wrote in a note to clients. They see Sri Lanka asking investors to take a haircut of 50% on interest payments, and 20% on the principal, with an exit yield of 11%.
Sri Lanka is looking at bridge financing options, and is confident it can secure aid from countries including China and India, Sabry said. That effort would be accompanied by fiscal reforms to curtail expenditure and boost revenues, he said.
Citizens exasperated by double-digit inflation amid a shortage of everything from fuel to food and power cuts of as long as 13 hours have taken to the streets, seeking President Gotabaya Rajapaksa’s ouster as well as that of his brother, Prime Minister Mahinda Rajapaksa.
President Rajapaksa used a customary greeting to the nation ahead of the local new year festival being observed Thursday to appeal for “unity and better understanding” as protests in front of his secretariat at the central business district entered the sixth day.
“The government is taking measures to secure the normal life of the people from the current complex situation by properly understanding these challenges,” Rajapaksa had said.(Bloomberg)
Siva Thursday, 14 April 2022 11:37 AM
U r a one day Finance Minister. No one s ready to trust u
Iwazaru Thursday, 14 April 2022 11:37 AM
The man thinks IMF is Santa Claus!
Skeptical Thursday, 14 April 2022 11:41 AM
Why go to the IMF? Just ask the Rajapaksas for the money. They would lend it interest free, I’m sure.
Patriot Thursday, 14 April 2022 11:42 AM
How will you be using this IMF and Indian Aid money? What are the plans for this today, tomorrow and the future? What are plans for increasing foreign currency income? You are silent on Bribery or corruption.
Premalal Perera Thursday, 14 April 2022 11:46 AM
Don't ask the IMF your bosses can give all what we need.
Independant Thursday, 14 April 2022 11:51 AM
Lot of people posting in this newspaper want to see our country go into bankruptcy. Shabri is doing a great job under the circumstances. Lot of hidden forces are working!
Shameless political thugs Thursday, 14 April 2022 11:53 AM
How can you talk like a pundit after one or two days as Finance Minister without any knowledge regarding finance. You are a mouthpiece of your and nor our President and PM.
Lan Thursday, 14 April 2022 11:54 AM
Bring back all looted public funds and you will have enough Money to buy food .. Don't create a culture of begging . Next generation will curse you and your cohort
DPerera Thursday, 14 April 2022 12:35 PM
First ask pandora lady to bring her money back, then turn to Dubai Marriott, we can live few years on that money.
Punchi Thursday, 14 April 2022 01:22 PM
As a finance minister he seems to be woefully ignorant of the IMF, no IMF funds are going to going to be available overnight. There will be strict conditions to be satisfied before funds are made available.
Sam Silva Thursday, 14 April 2022 05:17 PM
Exactly. This guy thinks the imf going to handover 4 billion over the counter.
Eper Thursday, 14 April 2022 01:43 PM
Taking loan over a loan will not suffice as we will hv to repay same with interest and will lead the country to destruction.Pls get advice from the economic specialists n go for extensive development with priority for dollar generating sources such as exports/tourism/foreign employment and local production industries
nimco Thursday, 14 April 2022 01:52 PM
President's Personal lawyer then Minister of Justice and now Minister of Finance.... what next...?
G Thursday, 14 April 2022 04:02 PM
This is all pie in the sky optimism. Start by finding an acceptable political solution. People have asked for this and has to be delivered without delay.
Mithula Thursday, 14 April 2022 04:03 PM
Mr Independent you are one of the guys creating the conspiracies together with the current government with out requesting them to quit immediately. If we need money Rajapaksa’s should pay back every cent they have robbed us.
Anthony. R Thursday, 14 April 2022 04:08 PM
The IMF supports the country which is democratic,and has human rights, freedom of speech,so your Big talk, and lie to the people won't get you dollars,you are just a stooge of the Rajapakshas
K.Balendra Thursday, 14 April 2022 04:21 PM
IMF. Does Srilankan Government think that IMF consists of International Monetary Fools? I am inclined to believe that Rajapakses can give loans to IMF.
Lanka Thursday, 14 April 2022 04:37 PM
Why go through all the trouble when the money is under your nose! Go get the Rajapaksa loot.
Lionel Perera Thursday, 14 April 2022 04:58 PM
Al Sabri says, president Rajapaksa still enjoys a majority in parliament. If this is true, we all are wasting our time with idiotic MPs.
Sam Silva Thursday, 14 April 2022 05:11 PM
He has no idea how imf operates.
N SENA Thursday, 14 April 2022 06:11 PM
SO THEY WANT ONLY MONEY? WONT THEY ASK IMF FOR A LASTING SOLUTION. THIS SHOWS THE INTELLIGENTSIA OF OUR GOVT AND FM
Bandu Thursday, 14 April 2022 06:39 PM
So Basil and Mahinda as finance Ministers NOT RESPONSIBLE / “The former Secretary to the Treasury Attigala, former governor Ajith Nivard Carbral and former president’s secretary P.B. Jayasundara did not want to go to the IMF when almost all the cabinet ministers were in favor of going,” Sabry told Sri Lanka’s Hiru Television. What a bootlicker.
Muha Niz Thursday, 14 April 2022 11:46 PM
You need to step down too Ali Sabry. You are one of the trusted allies to the Rajapaksa Clowns. We dont need you Sabry.
N SENA Friday, 15 April 2022 01:09 PM
SABRY FAITHFULLY FOLLOWS ORDERS OF HIS IDIOTIC BOSS. "ASK FOR MONEY, WE WANT MONEY"
N SENA Saturday, 16 April 2022 12:26 PM
$4 BILLION. TELL US FOR WHAT DO WE WANT 4B.
june macapagal Saturday, 16 April 2022 12:50 PM
He has been made minster of begging not finance. let him keep on begging from the entire world. What does this guy know about finance. Is he an economist. He is a stooge of this regime. So he has been made to beg. He is not a minister of finance. His position should be Minister in charge of begging.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
34 minute ago
35 minute ago
