Sri Lanka President expects IMF Extended Fund Facility in March
Sri Lanka President Ranil Wickremesinghe said under the International Monetary Fund’s (IMF) extended fund facility (EFF) program, USD 2.9 billion is expected to be received by March.
President added that the reduction of bank interest rates is being considered in relation to the gradual decline of inflation.
The President made this statement during a discussion with Small and Large Scale Rice Mill Owners on Thursday (February 16) evening to discuss the issues faced by them.
The mill owners raised concerns about the soaring fuel prices, electricity tariffs, equipment maintenance costs, transportation charges and other costs pertaining to production and administration which have led to the increase in the production cost of 1 kilogram of paddy.
Further, the mill owners drew attention of the President to the issues they are facing by having to pay an interest of 28% for the bank loans they have obtained.
Latest Headlines in Sri Lanka
- Sri Lanka to launch campaigns to attract 1.5 million tourists – proposal to create non-sleeping cities September 28, 2023
- Danushka Gunathilaka found not guilty of sexual intercourse without consent September 28, 2023
- Sri Lanka’s Ministry of Defence announces updates to licensing conditions for private security agencies September 27, 2023
- Despite signs of stabilization, full economic recovery not yet assured – IMF Mission September 27, 2023
- Sri Lankan President leaves for Germany September 27, 2023
