Sri Lanka requests IMF to hold a donor conference

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Sri Lanka has decided to call on the International Monetary Fund (IMF) to hold a conference to help unite our lending partners, Prime Minister Ranil Wickremesinghe said yesterday.

Speaking at the Parliament he said holding such a conference under the leadership of India, China and Japan will be a great strength to our country.

“China and Japan have different credit approaches. It is our hope that some consensus on lending approaches can be reached through such a conference.

We have an obligation to repay the loans taken so far. Many loan instalments received from multilateral institutions have to be repaid this month. We did not pay the loan instalments. In the future we will have to take new loans and we have the responsibility to repay the debt of the country” he said.

According to the Central Bank, the average GDP growth in 2022 will be -3.5 per cent. According to the International Monetary Fund, the situation is even worse; its growth is predicted at -6.5 per cent.

The average national output of the global economy will decline next year due to the impact of the war in Ukraine. Recovery is forecast for 2024.