The Sri Lankan rupee would gradually appreciate against the U.S. dollar once the country enters into an International Monetary Fund (IMF) agreement, President Ranil Wickremesinghe said.
Wickremesinghe said this while addressing an event in Colombo.
The IMF is set to approve a 2.9-billion-dollar bailout package for the country Monday, according to Sri Lankan central bank governor Nandalal Weerasinghe.
Wickremesinghe said once Sri Lanka receives the IMF funds, it can start restructuring external debt, adding that the rupee would trade between 185 to 200 against the dollar.
He said Sri Lanka hoped to receive up to 10 years to repay the debt it has incurred, adding that Sri Lanka would stabilise the economy and have a budget surplus by 2026.
Sri Lanka started related negotiations with the international lender in 2022 after the South Asian country was hit by a severe economic crisis.