Dissanayake's push for Sri Lanka economic change leaves IMF deal in limbo

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Dissanayake's push for Sri Lanka economic change leaves IMF deal in limbo - Business Standard

Quick Summary:

But jumpstarting the economy while making good on promises to expand welfare, rework the $2.9-billion IMF bailout and negotiate better deals with debtors, presents a difficult conundrum for the Indian Ocean nation and its investors.

Sri Lanka's new president won the election decisively, but his toughest task still lies ahead as he seeks to balance promises to aid the nation's poor against the need to keep crucial supplies of cash flowing from the International Monetary Fund.

Sri Lanka and its bondholders had inked a preliminary deal to restructure $12.5 billion in debt on Thursday, after months of delay and objections from the IMF and official lenders to a previous deal.