Colombo, March 20 (SocialNews.XYZ) The Sri Lankan rupee (LKR) will gradually appreciate against the US dollar once the country enters into an International Monetary Fund (IMF) agreement, President Ranil Wickremesinghe said.
The IMF is set to approve a $2.9 billion bailout package for the country on Monday, according to Central Bank of Sri Lanka's Governor Nandalal Weerasinghe.
Wickremesinghe said once Sri Lanka receives the IMF funds, it can start restructuring external debt, adding that the LKR 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 the crisis-hit island nation will stabilise 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 the worst-ever economic crisis since it gained independence in 1948.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz