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President Wickremesinghe claims that an IMF facility disproves Sri Lanka’s bankruptcy

President Ranil Wickremesinghe told Parliament on Wednesday that the IMF bailout had restored Sri Lanka’s international recognition, ending the image of bankruptcy and helping the local banks regain foreign investors’ confidence.

The IMF board had on Tuesday approved a USD 3 billion facility over a four-year period to help Sri Lanka emerge from its balance of payment crisis which plagued the island since April last year.

Wickremesinghe said the bailout would “create opportunities for low-interest credit, restore foreign investors’ confidence, and lay the foundation for a strong new economy”.

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