News Karnataka
Thursday, June 01 2023

Colombo: ‘SL rupees to appreciate once country enters into IMF agreement’

Photo Credit : IANS

Colombo: The Sri Lankan rupee (LKR) will gradually appreciate against the US dollar once the country enters into an International Monetary Fund (IMF) agreement, President Ranil Wickremesinghe said.

The IMF is set to approve a $2.9 billion bailout package for the country on Monday, according to Central Bank of Sri Lanka’s Governor Nandalal Weerasinghe.

Wickremesinghe said once Sri Lanka receives the IMF funds, it can start restructuring external debt, adding that the LKR will trade between 185 to 200 against a dollar.

He said Sri Lanka hopes to receive up to 10 years to repay the debt it has incurred, adding that the crisis-hit island nation will stabilise the economy and have a budget surplus by 2026.

Sri Lanka started the related negotiations with the international lender in 2022 after the South Asian country was hit by the worst-ever economic crisis since it gained independence in 1948.

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