People buy goods at a market in Colombo, Sri Lanka, on March 10, 2023. (Photo by Gayan Sameera/Xinhua)
COLOMBO, March 21 (Xinhua) -- The Sri Lankan rupee will gradually appreciate against the U.S. dollar once the country enters into an International Monetary Fund (IMF) agreement, President Ranil Wickremesinghe has said while addressing an event in Colombo.
The International Monetary Fund (IMF) is set to approve a 2.9-billion-U.S. dollar bailout package for the country on Monday, according to Sri Lankan central bank governor Nandalal Weerasinghe.
Wickremesinghe said once Sri Lanka receives the IMF funds, it can start restructuring external debt, adding that the rupee will trade between 185 to 200 against a dollar.
He said Sri Lanka hopes to receive up to 10 years to repay the debt it has incurred, adding that Sri Lanka will stabilize the economy and have a budget surplus by 2026.
Sri Lanka started the related negotiations with the international lender in 2022 after the South Asian country was hit by a severe economic crisis. ■