How Sri Lanka plans to overcome its economic crisis | DW News

Sri Lanka is bankrupt and its unprecedented economic crisis is set to last until at least the end of next year, Prime Minister Ranil Wickremesinghe told lawmakers in parliament on Tuesday. Wickremesinghe said the island nation’s bailout talks with the International Monetary Fund (IMF) were reliant on finalizing a debt restructuring plan with creditors by August. He said that recent discussions with the IMF sparked hope “but this time the situation is different. In the past, we have held discussions as a developing country.“ “We are now participating in the negotiations as a bankrupt country. Therefore, we have to face a more difficult and complicated situation,“ he said as he explained a possible roadmap for recovery from Sri Lanka’s worst economic crisis since it gained independence from Britain in 1948. “Due to the state of bankruptcy our country is in, we have to submit a plan on our debt sustainability to them separately. Only when [the IMF] are satisfied with th