COLOMBO, Sri Lanka (AP) — Sri Lanka's new President Anura Kumara Dissanayake said Wednesday that he will soon resume discussions with the International...
said Wednesday that he will soon resume discussions with the International Monetary Fund and foreign creditors to plot a way out of the worst economic crisis in the country's history.
During the campaign, Dissanayake said that he will renegotiate the bailout agreement with the IMF agreed by Wickremesinghe. He said he wants to make austerity measures more bearable for the poor. Wickremesinghe, however, had warned that any move to alter the basics of the agreement could delay a fourth tranche of nearly $3 billion from the, which is crucial for economic stability. Days before the election Wickremesinghe's administration also agreed in principle to restructure Sri Lanka's foreign debt.
The economy was stabilized, inflation dropped, local currency strengthened and foreign reserves increased under Wickremesinghe. Nonetheless, he lost the election in what is seen as the people's rejection of the old guard who they hold responsible for the economic crisis.Vancouver, British Columbia-- - Phenom Resources Corp.
Ranil Wickremesinghe COLOMBO Sri Lanka Sri Lanka International Monetary Fund Economic Upheaval Economic Crisis Presidential Election Economic Recovery Plan IMF Agreement Economic Stability
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