Lanka is ready to reduce the heavy debt burden to emerge from bankruptcy Wickremesinghe

Amid the economic crisis in the island nation, Sri Lanka has taken the first step towards recovery by reaching a staff-level agreement with the International Monetary Fund (IMF), Lankan President Ranil Wickremesinghe said on Thursday.

The international body has pledged to support an economic stimulus package that will ensure social sector spending is unaffected by economic setbacks, he tweeted.

Wickremesinghe also added that Sri Lanka is on the verge of a historic milestone in reducing a heavy debt burden and emerging from bankruptcy.

“This fresh start will ensure that we maintain social standards and improve export-oriented industries while taking care of vulnerable groups,” the president said.

A self-aware Wickremesinghe said the road ahead will be difficult but as we continue, we will make progress. It is our commitment that counts now.

He said: “We must not only meet the set targets, but also exceed them. Let us move towards a new export economy allowing us to maintain our social services without fail.

He thanked the visiting IMF team and all the officials who participated in the discussions to reach this agreement.

“We look forward to continued discussions on IMF support for Sri Lanka and a comprehensive economic reform program,” he tweeted.

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