https://sputnikglobe.com/20220710/imf-calls-for-resolution-of-political-crisis-in-sri-lanka-for-resumption-of-bailout-talks-1097147522.html
IMF Calls For Resolution of Political Crisis in Sri Lanka for ‘Resumption’ of Bailout Talks
IMF Calls For Resolution of Political Crisis in Sri Lanka for ‘Resumption’ of Bailout Talks
Sputnik International
Sri Lanka is striving to ensure a bailout package from the IMF as it faces its worst economic crisis in over seven decades. A balance of payments (BOP) crisis... 10.07.2022, Sputnik International
2022-07-10T12:33+0000
2022-07-10T12:33+0000
2022-10-19T18:35+0000
sri lanka
ranil wickremesinghe
gotabaya rajapaksa
imf
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The International Monetary Fund (IMF) on Sunday called for the resolution of the political crisis in Sri Lanka in order to facilitate the “resumption” of bailout talks for an Extended Fund Facility (EFF), hours after President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe agreed to step down in the wake of another round of violent clashes between anti-government protestors and security guards on Saturday.The first in-person mission of the International Monetary Fund (IMF) to debt-stricken Sri Lanka concluded on June 30, with the talks between the Washington-based lender and Colombo ending without a concrete deal.The IMF did say that “significant progress” has been made in talks towards securing a financial bailout package, which is badly needed in order to alleviate the balance of payment crisis and pay for fuel, food and other essential imports.The IMF has asked Colombo to get "adequate financing assurances" from the country's external creditors. Colombo announced in April that it would be defaulting on its external debt obligations to the tune of $51 billion.PM, President Agree to ResignThousands of anti-government protestors flocked into the residence of President Gotabaya Rajapaksa earlier on Saturday, ransacking the official quarters in a high-security neighborhood of Colombo.Some protestors even took a dip in the presidential swimming pool, while others used the gym facilities inside the leader’s residence, as per videos shared on social media. Another report claimed that millions in local currency have been unearthed at Rajapaksa’s residence.The presidential guards are reported to have shot at some protesters and brutally beat several others who breached the security gates, according to police. Doctors at Colombo’s National Hospital have told local media that over 50 protesters were injured in the crackdown, and that around five of them are in “critical” condition.Towards the evening, a crackdown on journalists by the police Special Task Force (STF) near Prime Minister Wickremesinghe’s private residence was followed by protesters torching the property.At a hastily convened all-party meeting of major Sri Lankan political parties, Wickremesinghe said that he would step down from the post which he had assumed only last month, after a previous round of violent protests resulted in the resignation of the entire cabinet, including ex-PM Mahinda Rajapaksa.According to parliamentary speaker Mahinda Yapa Abeywardena, President Rajapaksa also agreed to resign from the top position on 13 July during the all-party meeting. Abeywardena is tipped to head an interim government till the new government is agreed through political consensus.Meanwhile, the whereabouts of Rajapaksa remain unknown. News agency AFP cited Sri Lankan defense sources as claiming that the President has fled the nation.
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IMF Calls For Resolution of Political Crisis in Sri Lanka for ‘Resumption’ of Bailout Talks
12:33 GMT 10.07.2022 (Updated: 18:35 GMT 19.10.2022) Sri Lanka is striving to ensure a bailout package from the IMF as it faces its worst economic crisis in over seven decades. A balance of payments (BOP) crisis caused by economic mismanagement and post-COVID stress has resulted in Sri Lanka’s inability to pay for essential imports such as fuel, food and others, leading to massive protests.
The International Monetary Fund (IMF) on Sunday called for the resolution of the political crisis in Sri Lanka in order to facilitate the “resumption” of bailout talks for an Extended Fund Facility (EFF), hours after President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe agreed to step down in the wake of another round of violent clashes between anti-government protestors and security guards on Saturday.
“We are closely monitoring the ongoing developments in Sri Lanka,” Peter Breuer, IMF’s Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, IMF Mission Chief, said in a statement.
“We hope to resolve the current situation that will allow for the resumption of our dialogue on an IMF-supported program, while we plan to continue technical discussions with our counterparts in the Ministry of Finance and Central Bank of Sri Lanka,” the IMF statement further read.
The
first in-person mission of the International Monetary Fund (IMF) to debt-stricken Sri Lanka concluded on June 30, with the talks between the Washington-based lender and Colombo ending without a concrete deal.
The IMF did say that “significant progress” has been made in talks towards securing a financial bailout package, which is badly needed in order to alleviate the balance of payment crisis and pay for fuel, food and other essential imports.
The IMF has asked Colombo to get "adequate financing assurances" from the country's external creditors. Colombo announced in April that it would be defaulting on its
external debt obligations to the tune of $51 billion.
PM, President Agree to Resign
Thousands of anti-government protestors flocked into the residence of President Gotabaya Rajapaksa earlier on Saturday, ransacking the official quarters in a high-security neighborhood of Colombo.
Some protestors even took a dip in the presidential swimming pool, while others used the gym facilities inside the leader’s residence, as per videos shared on social media. Another report claimed that millions in local currency have been unearthed at Rajapaksa’s residence.
The presidential guards are reported to have shot at some protesters and brutally beat several others who breached the security gates, according to police. Doctors at Colombo’s National Hospital have told local media that over 50 protesters were injured in the crackdown, and that around five of them are in “critical” condition.
Towards the evening, a crackdown on journalists by the police Special Task Force (STF) near Prime Minister Wickremesinghe’s private residence was followed by protesters torching the property.
At a hastily convened
all-party meeting of major Sri Lankan political parties, Wickremesinghe said that he would step down from the post which he had assumed only last month, after a
previous round of violent protests resulted in the resignation of the entire cabinet, including ex-PM Mahinda Rajapaksa.
“To ensure the continuation of the Government including the safety of all citizens I accept the best recommendation of the Party Leaders today, to make way for an All-Party Government,” Wickremesinghe said.
According to parliamentary speaker Mahinda Yapa Abeywardena, President Rajapaksa also agreed to resign from the top position on 13 July during the all-party meeting. Abeywardena is tipped to head an interim government till the new government is agreed through political consensus.
Meanwhile, the whereabouts of Rajapaksa remain unknown. News agency AFP cited Sri Lankan defense sources as claiming that the President has fled the nation.
