ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe has discussed debt management with International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the COP27 climate summit in Egypt.
The president’s media division (PMD) tweeted Wednesday November 09 morning that Wickremesinghe had met Georgieva and Ghana Finance Minister Ken Ofori-Atta together with Speaker of the People’s Majlis of the Maldives Mohamed Nasheed on the sidelines of the event.
No further details of the discussion were forthcoming.
Sri Lanka has reached staff level agreement with the IMF on a 2.9 billion US dollar extended fund facility over a four year period, pending IMF board approval.
Though it was speculated earlier that board approval would be given by this December, it now seems likely that it will be further delayed.
Sri Lanka is going through its worst currency crisis in decades with millions of people affected by skyrocketing prices and shortages. However, the runaway inflation seen in the preceding months has now dropped to 66 percent after the central bank spiked policy rates, though prices remain high. (Colombo/Nov09/2022)