Sri Lankan President Hopeful of Overcoming The Economic Recession:-
At times when it seemed almost impossible for Sri Lanka to turn the tide and overcome the economic collapse, International Monetary Fund has sparked new hopes in the hearts of every netizen of the small island. The Sri Lankan crisis was nothing short of the debacles in Greece, Zimbabwe, etc., but the turnaround is more than expected this time than it was in the past 4 years.
According to reports, IMF approved a $3 billion bailout for the struggling nation in Southern Asia. The money is expected to facilitate improvements, if not wash away the whole catastrophe.
Sri Lankan President Ranil Wickremesinghe, while addressing the Parliament, made the announcement. He also stated that the first installment involving $330 million of the total $3 billion bailout is already released by the IMF.
The Sri Lankan President Ranil Wickremesinghe also mentioned that the officials would hold new rounds of talks with investors in the third week of April in a bid to overcome the economic collapse.
Sri Lanka hit rock bottom in 2019, and despite several reforms and monetary aid, failed to get back on its feet. Almost every factor that could contribute to the failure of a country's economic system was visible in Sri Lanka!
Right from account deficits and hyperinflation to the fall in the value of the currency and huge looming debts, the economy couldn't help but fail over time. Adding to the woes, Covid-19 and the "all organic" reforms put a seal to the deal!
Experts, however, believe that the Sri Lankan crisis isn't an overnight event but a "collapse in the making" for years!
Nevertheless, President Wickremesinghe is hopeful that the money coming in aid for the Sri Lankan crisis will help the country overcome the horrors and enable the government to build a safe and secure environment for future generations. If the money lent by IMF and other investors would be enough would be interesting to see in the upcoming months.
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