The Sri Lankan government is intending to start discussions with the International Monetary Fund, seeking its assistance in reducing the debt burden it has amassed under former president Mahinda Rajapaksa.
Finance Minister Ravi Karunayake. who met with IMF officials earlier today, told Bloomberg before the meeting, the new president, Maithripala Sirisena, wanted to reduce the amount spent on interest on Sri Lanka’s $55bn (Rs7.2tn) debt.
“We are initiating discussions on a new program,” Mr Karunanayake, said yesterday, but declined to give further details, only adding that “we will not be dictated to by any of these multilateral agencies.”
Mr Karunayake said the new president sought to increase taxes on the “super-rich” to benefit poorer citizens, adding he would maintain fiscal discipline and eliminate corruption.