Sri Lankan President Ranil Wickremesinghe says the country 'has completed all prior actions that were required' by the International Monetary Fund.
are Sri Lanka’s biggest lenders. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island’s external debt, according to IMF data.In total, Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of public external debt, by end-2022, calculations by the China Africa Research Initiative showed.
Sri Lanka’s rupee hit a mid-rate of 325 on Tuesday, appreciating 12%, analysts said, against the central bank-set spot rate of 337.67. The appreciation was driven by better dollar inflows from tourism and remittances, positive sentiment over imminent approval of an IMF deal, and a downturn in imports, analysts said.
“There is a lot of positivity around a possible IMF announcement and more dollar loans are expected with an approval of the bailout,” said Udeeshan Jonas, chief strategist at equity research firm CAL Research. “Also, speculators who were hoarding dollars have started to panic and convert with the rupee starting to appreciate.”
Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said.
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Sri Lanka expects approval of $2.9-B IMF deal after China supportSri Lanka expects final approval from the International Monetary Fund for a $2.9-billion loan in the third or fourth week of this month, the president said, adding that new support from China means all funding requirements had been met. | Reuters
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