President Ranil Wickremesinghe, in his official announcement in Parliament today, declared that the IMF has granted the second tranche under the extended fund facility. He emphasized that Sri Lanka still faces a challenging journey ahead.
He compared this journey to crossing a suspension bridge, stating that there is no alternative but to continue moving forward on this path. President Wickremesinghe highlighted the necessity of working closely with the IMF, as Sri Lanka has no other choice.
While the government has successfully negotiated debt restructuring deals with most creditors, the challenge lies in securing an agreement with private debtors, particularly bond holders.
Nevertheless, with the acquisition of the second tranche, Sri Lanka is on track to shed its label as a bankrupt nation. President Wickremesinghe expressed the government’s determination to now focus on reinstating foreign aid, which was suspended following the declaration of bankruptcy.
