February 2, 2023

Pinoy Trekker

Pinoy Trekker – We go anywhere

Exclusive-Sri Lanka expects up to $8 billion more in loans, asset restructuring by Reuters

©Reuters. Sri Lankan Foreign Minister Ali Sabry attends a press conference to outline the country’s position on a resolution on its human rights record being discussed at the UN Human Rights Council amid the country’s economic crisis in Colombo, Sri Lanka

By Uditha Jayasinghe

COLOMBO (Reuters) – Sri Lanka expects loans of up to $5 billion from multilateral organizations next year alongside a deal with the IMF, the foreign minister told Reuters, adding that the government could invest up to $3 billion in restructuring state assets could raise billions of dollars.

“Other than what we’re getting from the IMF, let’s look at everyone else, the multilaterals have raised another $4 billion to $5 billion…” Ali Sabry said in an interview on Wednesday.

“The president is interested in restructuring some of the (government) institutions. So if we can raise $2 billion to $3 billion, our treasury and reserves will be strengthened.”

Sri Lanka, grappling with its worst economic crisis in more than seven decades, reached an IMF staff agreement in September for a $2.9 billion loan that could be approved for disbursement next year.