ECONONOMYNEXT – Sri Lanka’s usable foreign reserves were down to 50 million US dollars and it may take six months to wrap up a deal with the International Monetary Fund, Finance Minister Ali Sabry said.

“Our liquid reserves, usable reserves, are less than 50 million US dollars,” Sabry told parliament.

“People should know that. Sri Lanka is facing the worst economic crisis in history.”

He said negotiations with the International Monetary Fund were progressing well but it may take about six months to wrap up a deal.

Sri Lanka had to re-structure the debt to qualify for IMF program.

He expected to go to cabinet with selected debt advisors and appoint them within the next two weeks.

It may take as much as three years to emerge from the crisis, he said.

However he said the country would use it as a blessing and emerge like India had done it 1991 or go the way Venezuela had done. (Colombo/May04/2022)