Officials hope for a US$2 billion to US$3 billion loan package from the IMF. Read more at straitstimes.com.
COLOMBO - Sri Lanka's talks with the International Monetary Fund on a bailout package have made solid progress, its president said on Tuesday , as he presented an interim budget aimed at boosting revenue and mending the country's battered finances.
Mr Wickremesinghe, who took over as president last month, is pushing to bring in fiscal consolidation measures agreed with the IMF. "Talks with the IMF have reached a positive juncture and we will also hold discussions with creditors on how to put Sri Lanka debt on a sustainable path." Outlining a raft of measures to stabilise the bruised economy, Mr Wickremesinghe said he aimed to bring annual inflation down to mid single-digit levels from over 66 per cent currently.
The economy is likely to contract 8 per cent this year and growth is not likely until the second half of 2023, the central bank said earlier.The government will introduce legislation to reduce politicisation of the Central Bank of Sri Lanka and reduce money printing, Mr Wickremesinghe said.
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