The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest.Widespread protests over economic mismanagement, acute shortages of food, fuel and medicines, and runaway inflation forced president Gotabaya Rajapaksa to flee the country and resign in July.
IMF staff had provisionally approved the bailout in September, but the final green light was held up until China, the island's biggest bilateral lender, agreed to restructure its loans to Colombo. Wickremesinghe had said after China agreed to restructure its loans that he expected the first tranche of the IMF package would be made available within the month.Earlier Monday, Wickremesinghe's office said he was seeking a 10-year moratorium on Sri Lanka's foreign debt as the country was out of foreign reserves to service its loans.
The government has already doubled taxes, increased energy tariffs threefold and slashed subsidies in an effort to meet the preconditions of the IMF bailout.
The Financial Facade of Banks is being shaken and many will crack and crumble in days ahead. Many will try and build Financial framing supports to hold them up, but they shall rattle, roll and fall. Job 21:13 They spend their days in wealth, and in a moment go down to the grave.
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