Sri Lanka to begin talks with IMF on advancing $2.9bn bailout

Dissanayake's intentions to slash taxes in a country already facing economic hardships

Sri Lanka’s new President Anura Kumara Dissanayake said on Wednesday that he plans to begin negotiations with the International Monetary Fund (IMF) immediately to take forward the country’s $2.9 billion bailout programme.

“Additionally, to advance our debt restructuring program, we are negotiating with relevant creditors to expedite the process and secure necessary debt relief,” Dissanayake said in a televised address.

Anura Kumara Dissanayaka, the 55-year-old leader of the People's Liberation Front, was declared the winner of the weekend's poll with nearly 1.3 million more votes than his nearest rival.

Dissanayake's intentions to slash taxes and desire to revisit the terms of a $2.9 billion International Monetary Fund bailout have worried investors, who fear that it could delay a crucial $25 billion debt restructuring.