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Sri Lanka fulfills prerequisites for IMF aid – President

By Uditha Jayasinghe

COLOMBO (Reuters) – Sri Lanka is finalizing prerequisites for a $2.9 billion bailout package from the International Monetary Fund (IMF) and expects swift global approval from the lender Governor Ranil Wickremesinghe said on Saturday.

address to the nation in honor of 75 Independence Day.

Sri Lanka plunged into its worst financial crisis since independence from the UK sparked by a severe shortage of dollars, inflation soared, the currency plummeted and the economy slipped into recession.

The island of 22 million people has also been hit by high taxes, shortages of essentials like medicine and fuel, and daily power outages.

Wickremesinghe, who took over after his predecessor fled the country and resigned last year after thousands of protesters occupied his office and home, has pledged to get the economy back on track but warned it would Will be a difficult process task.

“I know that many of the decisions I’ve been forced to make since I became president are unpopular…and I will continue this new campaign with the majority of people who love this country.” reform plan,” he added.

Sri Lanka is now focused on securing financing guarantees from major bilateral creditors China and Japan. India, the third-largest creditor, agreed last month to support debt restructuring. figures by the end of the year.

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