Sri Lankan President Ranil Wickremesinghe on Wednesday said he is hopeful that the country will receive the International Monetary Fund (IMF) board approval for a 2.9 billion US dollar bailout package by March.
Addressing an event organised by a private university in Colombo, the president said the Sri Lankan economy is now stabilising and it will be able to begin the debt restructuring process soon, Xinhua News Agency reported.
![Ranil Wickremesinghe. Ranil Wickremesinghe.](https://data1.ibtimes.co.in/en/full/782026/ranil-wickremesinghe.jpg?h=450&l=50&t=40)
Wickremesinghe added that the country needs to have political stability to carry out the debt restructuring process.
He said that Sri Lanka reached a preliminary agreement with the IMF to receive an extended fund facility (EFF) program in 2022.
![Flag of Sri Lanka](https://data1.ibtimes.co.in/en/full/763898/flag-sri-lanka.jpg?h=450&l=50&t=40)
Sri Lanka suspended external debt repayment in April 2022 and entered negotiations with the IMF for a bailout package.
(With inputs from IANS)