Jul 31, 2022

IMF assistance delayed, says President; JR economy now over Featured

President Ranil Wickremesinghe noted that it will take time to get support from the International Monetary Fund, and that this crisis will not be resolved simply by getting money from the IMF or elsewhere.

Making a special statement in Kandy he said, “My aim was to reach an agreement with the IMF in July to have it approved by the board.  But now it will be delayed until the end of August because after the first week of August it is the holiday season. Hence, we would be able to obtain the approval by around September. Without this agreement no one else would come. 

However, don’t think that just because we obtain funds from the IMF this would resolve our issues. Our debts have further increased. How are we going to pay these loans? 

We need more foreign exchange. Need new avenues. Our agriculture must be modernized. Do we address these factors and work? Or just keep chanting slogans?

If we don't accept this challenge, this country will be lost. The next generation will curse us. It is a challenge we have before us on whether we fall or stand up and build a new Sri Lanka? 

Do we build a stronger middle class? Do we build an export-oriented economy? The current economy was made by J.R. Jayawardena in 1977. I am a stakeholder in that, but now that economy is over.”