Sri Lanka promises to stop printing money soon as inflation hits 60%
PM says negotiations with IMF ‘complicated’ as Sri Lanka is a ‘bankrupt country’
Sri Lanka, which is facing one of the worst economic crises in years with depleting foreign reserves, recorded the highest inflation in Asia amid plans to stop printing local currency to pay salaries.
Prime Minister Ranil Wickremesinghe said on Tuesday that the inflation rate is expected to reach 60 per cent. Printing local currency was an attempt at quashing what’s been called Asia’s fastest inflation.
Mr Wickremesinghe told parliament on Tuesday that Sri Lanka is going to present to the International Monetary Fund a plan to restructure its debt.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments