• Highlights need to present plan for debt sustainability 
• Affirms SL has formed politically stable Govt. led by President Ranil Wickremesinghe

The Government yesterday confirmed that the negotiations with the International Monetary Fund (IMF) have been successful, to turnaround economic stability.

“The Government has made significant progress in negotiations with the IMF to obtain the assistance of the financial institution to alleviate the economic issues and establish good economic practices in the country,” a statement from the President’s Media Division noted yesterday. It highlighted that to have constructive and productive discussions with the IMF a conclusive plan on debt sustainability should be presented, noting it was hampered due to the recent political instability in the country and the political policy of the preceding Government of not working with the IMF.

The statement also noted at present, a politically stable Government has been formed under President Ranil Wickremesinghe, whilst adding that the political negotiations to form an all-party Government are highly successful.

“In this context, it is the Government’s position that the negotiations with the IMF can be successfully concluded and the first step necessary to create financial stability can be taken,” the statement added. 

World Bank has no new financing plans for crisis-hit Sri Lanka