Country needs a new IMF agreement: Sajith Premadasa
28-Sep-2026.
The country needs a new agreement with the International Monetary Fund (IMF) that can eliminate poverty, improve exports and provide relief to all 22 million people, including farmers, fishermen, workers and youth, Opposition Leader Sajith Premadasa stressed.
He made these remarks in a special statement issued on September 26, 2026.
He further said:
Various parties have expressed different views regarding the current IMF agreement. Although it has been claimed that economic stability has been established, its burden has placed pressure and caused hardship for millions of people.
With the Extended Fund Facility scheduled to end in March 2027, leaving the IMF programme would not mean that the economic recovery has been completed. There are still many shortcomings.
At the same time, Minister Bimal Rathnayake has stated that the country would withdraw from the IMF agreement after the Extended Fund Facility is withdrawn in 2027. The people must understand this matter carefully and properly.
After the IMF programme is completed, a new programme is necessary to establish a macroeconomic framework that ensures debt sustainability, maintain adequate reserves, implement public financial reforms and preserve international market confidence.
Government debt is expected to be 100 per cent of GDP in 2026 and 96 per cent in 2027. External debt is expected to stand at 51 per cent and 52 per cent respectively. Debt repayments and interest payments also remain a significant burden on the country’s revenue.
The present Government is continuing to implement the same IMF agreement entered into by the previous Government. As a result, the economic pressure on the people continues.
Furthermore, there is no longer any need for an agreement that places pressure on the people in the same manner as the current agreement. A new people-oriented agreement is necessary to eradicate poverty, create employment opportunities and promote exports.
He further pointed out that when the country exits the IMF programme in 2027, it must have adequate foreign reserves. A contingency plan should be prepared in advance to prevent another economic crisis and a recurrence of the queues witnessed during the previous crisis.
