Imf Agreement With Sri Lanka Banks To Access Frozen Billions

rallies against the government and forced through significant tax and tariff hikes that the IMF had requested as a condition for the bailout.

To stabilize the economy, “we took numerous incredibly severe economic measures,” he stated on Tuesday. “Everyone in our society is still experiencing misery as a result of this.”

Due to the nation’s severe import restrictions, which are in place to save foreign cash, fuel is still rationed and there is a shortage of necessary medications. While it has decreased from its peak of 70% in September, inflation is still only at 50%.

According to Wickremesinghe, the nation has to pay back its loans at a rate of $6-7 billion per year until 2029 but is unable to do so.