President Ranil Wickramasinghe said that it is important to take the necessary measures so that the standard of living of all the people does not fall further, just like rescuing the country from the debt crisis.
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The President mentioned this in the discussion held at the President’s Office this morning (01) with the representatives of the International Monetary Fund who are in Sri Lanka.
Peter Brewer, Head of the Debt Capital Market Division of the International Monetary Fund, officially announced to President Ranil Wickremesinghe in this discussion that the staff reached an agreement to provide an Extended Credit Facility (EFF) to Sri Lanka.
This credit facility of 2.9 billion US dollars is to be provided subject to a 48-month agreement.
“This is the first time we have declared the country bankrupt. In the medium term, it is important to avoid the further decline of the economic and social standard of living of all social segments, as well as to recover from bankruptcy and rescue the country from the debt crisis. The beginning will be difficult. But it is very important and we can achieve growth moving forward. This is an important step in the history of our country. We are not only committed to achieving the goals we have been given. We must move forward past those goals”
“I request the nation to change our minds to build an export based economy. It will make it easier to carry out social welfare work.”
Said President Ranil.
The purpose of this credit facility is to enable Sri Lanka to grow by moving towards the structural changes needed to restore macroeconomic stability, restore credit sustainability, protect financial stability, protect the vulnerable and eradicate corruption.
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by Daily News Sri Lanka
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