Sri Lanka Central Bank Chief Threatens to Quit Amid Unrest

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Sri Lanka’s central bank chief imposed more capital controls and threatened to resign if politicians fail to return stability to the nation in the grip of its worst economic crisis since independence, Bloomberg News reported. “I took on this responsibility with expectations that political stability will be established,” Governor Nandalal Weerasinghe said at a briefing in Colombo Wednesday. “It’s been more than a month with no progress. I do not wish to continue in this post if political stability is not achieved.” The call follows days of political violence, with clashes between pro- and anti-government groups pushing the prime minister to resign and dissolving his cabinet. A government is essential to agree a loan from the International Monetary Fund or win crucial bridge loans from countries willing to bail out Sri Lanka. The IMF in a statement overnight expressed concerns about the violence, adding that it continues “technical level” discussions in order to be ready for policy talks once a new Sri Lankan government is formed. If Weerasinghe steps down, there’s a risk even the technical talks may slow. Read more.
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