British Asia News Network- AD
Colombo: IMF has been urged to revive a $1.5-billion bailout which was cancelled during nation’s political crisis.
In October, President Maithripala Sirisena ignited political drama, even causing fights in parliament, by sacking Ranil Wickremesinghe as PM and dissolving the legislature. Courts and the parliament subsequently ruled that the president’s actions were unconstitutional and restored the status quo after more than seven weeks.
The crisis prompted three international credit rating agencies to downgrade Sri Lanka and the IMF to suspend its bailout programme — that began in 2016 — just as it was about to disburse another instalment.
Finance Minister Mangala Samaraweera and IMF chief Christine Lagarde met in Washington on Tuesday to revive the bailout package.