Asper the Internation Monetary Fund agreement, The Sri Lankan rupee (LKR) is getting high in value over the US dollar, President Ranil Wickremesinghe said.
The IMF is set to approve a $2.9 billion bailout package for the country on Monday, according to Central Bank of Sri Lanka’s Governor Nandalal Weerasinghe.
Wickremesinghe said once Sri Lanka receives the IMF funds, it can start restructuring external debt, adding that the LKR will trade between 185 to 200 against the dollar.
He said Sri Lanka hopes to receive up to 10 years to repay the debt it has incurred, adding that the crisis-hit island nation will stabilize the economy and have a budget surplus by 2026.
Sri Lanka started related negotiations with the international lender in 2022 after the South Asian country was hit by the worst-ever economic crisis since it gained independence in 1948.