Ranil Accuses US of Breaching IMF Debt Deal

COLOMBO (News 1st); Former Sri Lanka President Ranil Wickremesinghe emphasized that the United States, as a member of the Official Creditor Committee (OCC) and a signatory to the IMF’s Extended Fund Facility (EFF), has a responsibility to support Sri Lanka’s debt restructuring efforts. “They must help us now. Otherwise, they are in breach of the agreement,” he said, accusing the U.S. of preventing Sri Lanka from repaying its bondholders.

Wickremesinghe urged the Sri Lankan government to take a firmer stance. “We must now tell the IMF and the bondholders to go to the U.S. and collect the money. Why are we just going and saying, ‘We’ll buy Coca-Cola from you or we’ll buy gas from you’? You are in breach of this.”

Wickremesinghe lamented the erosion of globalization’s benefits, stating, “The world is moving, and we are getting left behind.” He recalled how, in 1990, Vietnam’s Minister of Industry had sought advice from Sri Lanka on foreign exchange strategies. “Today, Vietnam is ahead. So is Cambodia. Bangladesh is going ahead. And we are still grappling with the same issues.”

A central concern raised by Wickremesinghe was Sri Lanka’s strained trade relationship with the United States. He referenced the 30% tariff imposed on Sri Lankan exports to the U.S. during Donald Trump’s presidency, arguing that such barriers have severely impacted the country’s ability to compete. “You can’t survive with 30%. They’re going to ask for less. I hope they succeed. But otherwise, we’re stuck.”

Wickremesinghe described the current global landscape as one of economic bullying and disruption, where long-standing trade agreements forged over the past 25 years have been abruptly discarded. “New arrangements — not even formal agreements — have replaced them in just eight weeks,” he said, highlighting the unprecedented pace of change and the uncertainty surrounding its impact on the global economy.