PM meets Joint Chambers for two-way dialogue on current crisis

Friday, 3 June 2022 00:10 - - {{hitsCtrl.values.hits}}

Wickremesinghe says Govt. targeting $ 5 b for repayments plus a further $ 1 b to bolster country’s reserves

Prime Minister Ranil Wickremesinghe

Prime Minister Ranil Wickremesinghe yesterday met with representatives from the Joint Chambers for the first time since assuming office for a two-way dialogue on the current crisis.

A statement from the Prime Minister’s Office said Wickremesinghe explained that the Government was targeting $ 5 billion this year for repayments plus a further $ 1 billion to bolster the country’s reserves.

He elaborated that discussions with the IMF are proceeding and he was hopeful that negotiations would conclude by the end of the month. The Prime Minister also explained to the representatives that debt restructuring has begun, following the appointment of financial and legal advisors.

He said that any bridging finance to help alleviate the crisis is dependent on an agreement with the IMF being reached.

Commenting further, Wickremesinghe stated that talks were continuing with donor nations. He added that relations with Japan had broken down, and it would take a while to repair those relations and regain their confidence.

In regard to the medicine shortage, the Prime Minister explained that former President Mohamed Nasheed was leading the international appeal for urgently needed medicine supplies.

Addressing the issue of food scarcity, the Prime Minister explained that securing fertiliser and compiling a food security program were being given equal priority. He explained that in the event of any excess crops, those would be provided to vulnerable groups at a concessionary rate.