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The government plans to repay $5 billion this year – PM


Prime Minister Ranil Wickremesinghe said today that the government plans to repay $5 billion this year.
The Prime Minister also stated that the government expects another US $1 billion to be added to the country’s reserves.

According to the Prime Minister’s Office, the Prime Minister made the remark today during a meeting with representatives from the Joint Chambers (2).

The Prime Minister’s Office said in a statement that discussions with the International Monetary Fund (IMF) are ongoing and that he hopes to conclude negotiations by the end of the month.

Following the appointment of financial and legal advisors, the Prime Minister also informed the representatives that debt restructuring had begun.

He stated that any bridging finance to help alleviate the crisis is contingent on reaching an agreement with the IMF. Further, Prime Minister Wickremesinghe stated that talks with donor countries were ongoing.

He added that relations with Japan had deteriorated and that it would take time to repair those relations and regain their trust.

Concerning the medicine shortage, the Prime Minister stated that former Maldives President Mohamed Nasheed was spearheading an international appeal for desperately needed medical supplies.

In response to the issue of food scarcity, the Prime Minister stated that securing fertilizer and developing a food security plan were given equal priority.

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