Sri Lanka Crisis Top Developments: PM Mahinda Rajapaksa says he won’t resign; Had ‘fruitful’ talks on loan request, says IMF

Despite calls for Sri Lankan Prime Miner Mahinda Rajapaksa to step down amid the island nation’s worst-ever economic crisis, the PM has said that he will not resign and has dismissed calls to form an interim government.
“What is the use of interim governments when people with varying policies can’t see eye to eye? There has to be accord which is not possible. If there is a need for an interim government it should happen only under my leadership,” PM Rajapaksa said in an interview with radio station ‘Neth FM’.
Anti-government protesters have been demanding the resignation of the prime miner and his brother, President Gotabaya Rajapaksa, holding them responsible for the crisis, which has left thousands of ordinary Sri Lankans scrambling for essentials amid an acute shortage of fuel, medicines and electricity supply.
Meanwhile, President Rajapaksa on Saturday called for investments, technology transfers and financing for its sustainability efforts and cooperation for debt restructuring to support the country’s economic recovery, PTI reported.
Addressing the 4th Asia-Pacific Water Summit in Japan’s Kumamoto, he said that the country was still committed to developing and sustaining a progressive environmental agenda. “Several projects intended towards improving water cycle management were also undertaken,” he said. “These achievements reflect the emphasis we give to inclusivity and to fostering participatory growth for all Sri Lankans, which is at the heart of my government’s development efforts.”
In the meantime, the International Monetary Fund Saturday said that it had “fruitful technical discussions” with Sri Lanka on a possible IMF-supported loan program. IMF said that it discussed the need to implement “a credible and coherent strategy” to restore macroeconoimc stability and to strengthen its social safety net and protect the poor and vulnerable during the crisis, Reuters reported.
“The IMF team welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors,” IMF Sri Lanka mission chief Masahiro Nozaki said in a statement.
In other news, India announced it was extending an additional $500 credit line to help Sri Lanka import fuel, Finance Miner Ali Sabry said, while adding that he was hopeful the country would consider handing out another $1 billion as a credit line.