President Ranil Wickremesinghe issued a stark warning against altering the terms of Sri Lanka’s agreement with the International Monetary Fund (IMF), stressing that such agreements are non-negotiable. 

“Our current agreement ensures that we receive approximately USD 700 million from the IMF, the Asian Development Bank, and the World Bank every six months. This funding will support us till January,” the President explained. 

Drawing parallels to the severe economic collapse that Greece experienced under similar circumstances, President Wickremesinghe said that the government is keen to avoid a similar fate for Sri Lanka.

Noting that the IMF is scheduled to return in October for further discussions, the President expressed concern over suggestions from the Samagi Jana Balawegaya (SJB) and the Janatha Vimukthi Peramuna (JVP) to revise the program. 

He warned that any changes could result in the IMF withholding funding for the coming year, potentially leading Sri Lanka back to its previous economic difficulties.

“Restarting discussions with the IMF could take two to three months, with an additional six weeks required for approval by the IMF Board of Directors. It is impractical to go without financial support for six months,” the President cautioned.

The President made these remarks at the United National Party (UNP), held on Sunday (25) at the Party Headquarters Sirikotha in  Colombo. (Newswire)

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The government has signed a loan agreement of US$ 60 million with the Asian Development Bank (ADB) under the Second Integrated Road Investment Program (Tranche 4).

The agreement was signed by Secretary to the Ministry of Finance, K.M. Mahinda Siriwardana, on behalf of the Government of Sri Lanka and the Country Director, ADB Sri Lanka Resident Mission, Takafumi Kadono today (Nov 28).

According to reports, the loan is to finance carrying out the critical works of the already commenced and incompleted road sections of the overall Integrated Road Investment Program to improve road safety and minimize public inconvenience.

The loan of USD 60 million will be provided from ADB’s Concessional Ordinary Capital Resources. 

The total investment cost of the 4th tranche is estimated at USD 68.5 million, out of which USD 8.5 million has been agreed to be borne by the Government. (NewsWire)

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