Prime Minister Ranil Wickremesinghe says the government is targeting USD 5 billion this year for repayments, plus a further USD 1 billion to bolster the country’s reserves.
During a meeting today (2) with representatives from the Joint Chambers, the Premier said discussions with the IMF are proceeding and is hopeful that negotiations will conclude by the end of the month.
The Prime Minister said debt restructuring has begun, following the appointment of financial and legal advisors.
The Premier added any bridging finance to help alleviate the crisis is dependent on an agreement with the IMF being reached.
Prime Minister Wickremesinghe also stated that talks are continuing with donor nations adding that relations with Japan had broken down, and would take a while to repair ties and regain confidence.
In relation to the medicine shortage, the Prime Minister said former Maldivian President Mohamed Nasheed is also leading an international appeal for urgently needed medicine supplies.
Addressing concerns over food scarcity, the Prime Minister explained that securing fertiliser and compiling a food security programme are being given equal priority.
The Premier stated that in the event of any excess crops, those will be provided to vulnerable groups at concessionary rates.