Colombo

 An all-party conference in Sri Lanka will be held later this month to discuss the current economic situation in the country, media reports said on Sunday.

Sri Lanka President Gotabaya Rajapaksa will preside over the conference, media reports quoted the presidential secretariat as saying. The meeting will be attended by Prime Minister Mahinda Rajapaksa and leaders from all political parties represented in the parliament.

Sri Lanka has seen the national currency devalued significantly against all major international currencies, in addition to fuel and gas shortages as well as daily electricity cuts.

The state-owned Ceylon Petroleum Corporation on Friday increased the price of Octane 92 petrol by 77 rupees to 254 rupees per litre and that of Octane 95 petrol by 76 rupees to 283 rupees.

The all-party meeting will take place at a time when Sri Lanka is set to begin talks with the International Monetary Fund (IMF) in mid-April on a plan for aid for the crisis-ridden country.

The talks are likely to include assistance with debt restructuring and managing its foreign exchange shortage.

The decision to engage with the international lender comes following months of resistance from the government despite calls from Opposition leaders and experts for a recovery plan, The Daily Mirror reported.

W A Wijewardena, former Deputy Governor of the Central Bank, said an overall coordinated program is needed though the float was a step in the right direction.

"A piecemeal attack will not help," Wijewardena said. "We need a macro-economic plan that will cover the interest rates, exchange rate, monetary policy and the budget," he said.