COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe revealed that in 2020/2021 a total of Rs. 2.3 Trillion was printed paving the way for inflation to rise to 70% – 75%, while further increasing food inflation.In a special televised statement on Tax Policy, the President elaborated on the progress made with regard to debt restructuring. "An important step in Sri Lanka's debt restructuring program took place last week.
A team under our Minister of state for Finance participated in the annual meeting of the International Monetary Fund. Accordingly, a meeting was held under the leadership of the International Monetary Fund, with the countries that had given to Sri Lanka, and some private institutions that had also given loans.
Over 75 people participated directly or through zoom. The primary purpose of this was to come to a common platform wioth the three main countries that have granted loans to Sri Lanka, namely Japan, China, and India, and discuss the next steps to be taken to provide these concessions," said the President.During this meeting, the IMF and Sri Lanka pointed out the need for a common platform.
India and China have informed that they will investigate further and provide answers. These two countries have also informed that bilateral discussions may be required, said the President."In 2015, when the representatives of the IMF came to Sri Lanka, we were told of the need for a surplus in the primary budget.