Sri Lanka's Economic Revival: A New Era of IMF Negotiations and Leadership

Sri Lankan President Anura Kumara Dissanayake commits to continue the IMF bailout despite initial promises to renegotiate. In his first parliamentary address, he emphasizes legal reform, economic development, and debt restructuring, aiming to meet election promises and foster unity across the nation.

Sri Lankan President Anura Kumara Dissanayake, in a decisive move, supported the continuation of the International Monetary Fund (IMF) bailout package on Thursday, reversing his earlier electoral promise to renegotiate its conditions.

During his first address to the newly elected parliament, after a landslide victory, President Dissanayake vowed to fulfil his campaign promises by upholding the rule of law and addressing past governmental misdeeds. He emphasized his government's dedication to maintaining the IMF bailout plan started by former leader Ranil Wickremesinghe.

Expressing optimism for the future, Dissanayake announced plans to finalize a staff-level agreement with the IMF by November 23, anticipating the next tranche of a nearly USD 3 billion facility. This comes amid ongoing reviews and complex debt restructuring negotiations essential for Sri Lanka's economic recovery.

(With inputs from agencies.)