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AP National Business

Sri Lanka’s president says IMF talks nearing successful end

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Published 10:02 PM

By KRISHAN FRANCIS and BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka’s president says his bankrupt country’s talks with the International Monetary Fund for a rescue package have successfully reached final stages as he presented an amended budget that seeks to tame inflation and hike taxes. President Ranil Wickremesinghe, who is also the finance minister, said in a speech in Parliament that his government will soon start negotiating debt restructuring with countries that provide loans to Sri Lanka. Declaring that Sri Lanka is on the correct course in the short term for recovery, Wickremesinghe warned the country must prepare for at least 25 years of a national economic policy, staring with the 2023 budget. An IMF team is visiting Sri Lanka and is expected to end the current round of talks on Wednesday.

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