(LANKAPUVATH | COLOMBO) – The Governor of Sri Lanka’s Central Bank Dr. Nandalal Weerasinghe has stated in an interview with Reuters that the long-term political instability in Sri Lanka may delay the progress of the negotiations with the International Monetary Fund for loan assistance.
He has pointed out that political stability should be established soon so that the negotiations with the International Monetary Fund for a bailout package can be carried forward.
Dr. Weerasinghe said since last April he has been participating in the negotiations to get support for Sri Lanka from the International Monetary Fund and he will resign from the post if there is no political stability in Sri Lanka.
“There must be political stability in Sri Lanka very soon, mainly to make progress in our negotiations with the International Monetary Fund and to find solutions to the shortage of fuel, gas and essential commodities,” Dr. Weerasinghe said.
Dr. Nandalal Weerasinghe stated in an interview with Reuters that he will serve as Central Bank Governor until the completion of his appointed six-year term, Reuters reported.
The Central Bank Governor also mentioned that negotiations are being held with India to obtain a US$1 billion foreign exchange facility from the Central Bank of India.
Dr. Weerasinghe further said that they are negotiating with India to obtain a loan facility of 500 million dollars for the purchase of fuel.