Bridging finance dependent on agreement with IMF: Ranil
Posted on June 5th, 2022
Courtesy The Island
Prime Minister Ranil Wickremesinghe, during a meeting with representatives from the Joint Chambers of Commerce on Thursday, explained that the Government was targeting USD five billion for repayments and USD 1 billion to bolster the country’s reserves.
During the meeting, Wickremesinghe elaborated that discussions with the International Monetary Fund are proceeding and was hopeful that the negotiations would end this month.
He further explained that the debt restructuring has already begun, following the appointment of financial and legal advisers.
Prime Minister said that any bridging finance to help in alleviating the crisis is dependent on an agreement with the IMF being reached.
Commenting further, Wickremesinghe stated that talks were continuing with donor nations. He added that relations with Japan had broken down, and it would take a while to repair those relations and regain their confidence.
In regards to the medicine shortage, the Prime Minister explained that former Maldives President Mohamed Nasheed, who was appointed on May 19 to coordinate the relief efforts for the island nation, was leading the international appeal for urgently needed medical supplies.
Addressing the issue of food scarcity, the Prime Minister explained that securing fertilizer and compiling a food security program were being given equal priority. He explained that in the event of any excess crops, those would be provided to vulnerable groups at a concessionary rate.