The staff level International Monetary Fund (IMF) discussions that concluded last week have been effective and was also announced via the IMF statement that was released, noting that significant progress was achieved, says Prime Minister Ranil Wickremesinghe. He made this statement in Parliament today (05), while delivering his economic reforms speech. "We have been able to end the round of discussions effectively despite these difficulties. According to the IMF's official announcement, positive and productive discussions were held on supportive economic policies and reforms. Significant progress was achieved. Now the next step is to submit to them the plan on debt restructuring and sustainability, which is being prepared by financial and legal experts Lazard and Clifford Chance. We hope to submit this report to the IMF by August," said Prime Minister Wickremesinghe. He further noted that the discussions are not as straightforward as it would have been in the past due to the current bankrupt state the country is in. "We are now participating in the negotiations as a bankrupt country. Therefore, we have to face a more difficult and complicated situation than previous negotiations. Once a staff-level agreement is reached, this will be submitted to the IMF Board of Directors for approval. But due to the state of bankruptcy our country is in, we have to submit a plan on our debt sustainability to them separately. Only when they are satisfied with that plan can we reach an agreement at the staff level. This is not a straight-forward process," he mentioned. He additionally mentioned that once the reports have been submitted to the IMF board of directors, and approval for this plan is provided, a comprehensive loan assistance program will be prepared for a period of 4 years. "After obtaining the staff-level agreement, we will organize a donor-aid conference by bringing together the friendly countries that provide us with loan assistance, such as India, China and Japan. We hope to create a system where we can get loan assistance through a common agreement," he noted. The Premier then mentioned that the situation at current in the country is now similar to "falling from the frying pan to the cooker". "Among the problems we are facing today, the primary problem is the fuel crisis. At the same time, we are also facing the problem of food availability. In terms of fuel and food, our country was going to have to face this crisis at some point in time. Fuel was scarce. Food prices went up. We have prepared this road map considering all the domestic and global challenges that are facing us. We can refuse to change our ways. But if things do not change, the whole country will collapse," he mentioned.