Home » There’s light at the end of the tunnel, it’s how fast we can get to it: President

There’s light at the end of the tunnel, it’s how fast we can get to it: President

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This is not the right time for former President Gotabaya Rajapaksa to return to Sri Lanka given that his return may lead to another uprising among the anti-government protesters who are lining up to oust him due to the economic crisis, said President Ranil Wickremesinghe speaking to Wall Street Journal.

Sri Lanka’s new president said the country has experienced the worst of its economic crisis and that restoring political stability will allow it to begin turning a corner, starting with finalising negotiations for an International Monetary Fund (IMF) bailout that had stalled due to recent turmoil.

He added that despite the island nation hitting the bottom he can see the light at the end of the tunnel and that it is a matter of how fast the country can get to it.

Wickremesinghe noted it will be months before Sri Lankans begin to see their economic circumstances improve markedly.

He added that the IMF staff level agreement to be reached by the end of August, after which the country would be able to further talks with sovereign bond holders and bilateral creditors.

Any preliminary agreement would still require IMF board approval for the disbursement of funds, a process that could consume months.

MIAP

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