{"id":29856,"date":"2022-03-16T23:17:41","date_gmt":"2022-03-16T17:47:41","guid":{"rendered":"https:\/\/tradebrains.in\/features\/lanka-economy-ld-president\/"},"modified":"2022-03-17T07:11:17","modified_gmt":"2022-03-17T01:41:17","slug":"lanka-economy-ld-president","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/lanka-economy-ld-president\/","title":{"rendered":"Sri Lanka to work with IMF to resolve country\u2019s worsening economic crisis: President Gotabaya Rajapaksa"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1649859681\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Colombo, Mar 16 (PTI) Sri Lanka will work closely with the IMF to resolve the worsening economic crisis that has caused acute shortages of essentials, power cuts and long fuel queues in the island country, President Gotabaya Rajapaksa said in an address to the nation on Wednesday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-798586690\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>Rajapaksa said the government was trying hard to resolve the existing crisis that has been triggered due to shortage of foreign exchange.<\/p>\n<p>The Sri Lankan government will work with the IMF to resolve the ongoing economic crisis in the country, Rajapaksa said.<\/p>\n<p>\u201c\u2026.USD 6.9 billion will have to be paid in loan installments and sovereign bonds this year and after the payment Sri Lanka will be left with a deficit of USD 11.9 billion,\u201d he added.<\/p><div class=\"trade-content_5\" id=\"trade-1769710876\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>President Rajapaksa\u2019s televised address came a day after Sri Lanka\u2019s Finance Minister Basil Rajapaksa gave the nod to seek assistance from the International Monetary Fund (IMF), softening then country\u2019s resistance against the international lender as it desperately tries to salvage the country\u2019s beleaguered economy that is currently reeling under a severe foreign exchange crisis.<\/p>\n<p>President Rajapaksa during his address also outlined the island\u2019s external debt commitments.<\/p>\n<p>He said the root cause of current issues is the foreign exchange crisis.<\/p>\n<p>\u201cThe projected export earnings for this year is USD 12 billion\u2026.. According to the data of the last two months, we have to bear USD 22 billion as the import cost this year. Accordingly, this will result in a trade deficit of USD 10 billion,\u201d he said.<\/p>\n<p>He said Sri Lanka will receive about USD 3 billion from tourism, export services such as information technology, and USD 2 billion from remittances from expatriate workers.<\/p>\n<p>Rajapaksa referred to the ongoing chaotic situation prevailing with shortages of essentials, power cuts and fuel queues \t\u201cI am well aware of the shortages of essential items and increase in prices. I am also aware of issues such as gas shortage, fuel shortage and power cuts. I am also very sensitive to the many sufferings the people have to experience over the past two months. I know that this situation will continue for reasons beyond our control though we make maximum possible efforts with regard to these situations,\u201d he said.<\/p><div class=\"trade-content-10\" id=\"trade-1013990180\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>In recent weeks the public anger with the crisis had turned into a campaign calling for his resignation.<\/p>\n<p>On Tuesday, the main opposition SJB held a well attended public protest rally against the government opposite the presidential secretariat.<\/p>\n<p>They accused the Rajapaksa government of economic mismanagement.<\/p>\n<p>Meanwhile, Finance Minister Rajapaksa left for New Delhi on Tuesday to sign a fresh bailout package with India for USD 1 billion dollars.<\/p>\n<p>The credit line is expected to fund the country\u2019s fuel, food and medicine imports, the finance ministry said.<\/p>\n<p>Last month, Sri Lanka purchased 40,000 metric tonnes of diesel and petrol from India&#8217;s oil major Indian Oil Corporation to meet the urgent energy requirements in the economic crisis worsened by depleted foreign reserves. PTI CORR RUP AKJ  RUP RUP<\/p>\n<div class=\"trade-after-content\" id=\"trade-3264499221\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Colombo, Mar 16 (PTI) Sri Lanka will work closely with the IMF to resolve the worsening economic crisis that has caused acute shortages of essentials, power cuts and long fuel queues in the island country, President Gotabaya Rajapaksa said in an address to the nation on Wednesday. Rajapaksa said the government was trying hard to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-29856","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sri Lanka to work with IMF to resolve country\u2019s worsening economic crisis: President Gotabaya Rajapaksa - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/lanka-economy-ld-president\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka to work with IMF to resolve country\u2019s worsening economic crisis: President Gotabaya Rajapaksa\" \/>\n<meta property=\"og:description\" content=\"Colombo, Mar 16 (PTI) Sri Lanka will work closely with the IMF to resolve the worsening economic crisis that has caused acute shortages of essentials, power cuts and long fuel queues in the island country, President Gotabaya Rajapaksa said in an address to the nation on Wednesday. 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