Govt targeting US$ 5 Bn for repayments - PM | Daily News

Govt targeting US$ 5 Bn for repayments - PM

Seeks US$ 1 Bn to bolster foreign reserves

Prime Minister Ranil Wickremesinghe yesterday said the government is targeting US$ 5 billion this year for repayments and another US$ 1 billion to bolster the foreign reserves in the country.

The Premier, during a meeting with representatives from the Joint Chambers yesterday, explained that the Government was targeting US$ 5 bn this year for repayments, plus a further US$ 1 bn to bolster the country’s reserves.

He elaborated that discussions with the IMF are proceeding and he was hopeful that negotiations would conclude  by the end of the month. The Prime Minister also explained to the representatives that debt restructuring has begun, following the appointment of financial and legal advisors.

The Prime Minister said that any bridging finance to help alleviate the crisis is dependent on an agreement with the IMF being reached.

Commenting further, Wickremesinghe stated that talks were continuing with donor nations.He added that relations with Japan had broken down, and it would take a while to repair those relations and regain their confidence.

In regards to the medicine shortage,the Prime Minister explained that former Maldivian President Mohamed Nasheed was leading the international appeal for urgently needed medicine supplies.

Addressing the issue of food scarcity, the Prime Minister explained that securing fertilizer and compiling a food security program were being given equal priority. He explained that in the event of any excess crops, those would be provided to vulnerable groups at a concessionary rate.



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