IMF and Sri Lanka discuss steps to be taken to secure funds
The International Monetary Fund (IMF) and Sri Lanka had further discussions on the steps Sri Lanka must take to obtain approval for the proposed Extended Fund Facility (EFF) programme.
The Sri Lankan delegation to the IMF/World Bank Annual Meetings 2022 led by the State Minister of Finance Shehan Semasinghe, had a fruitful discussion with the Deputy Managing Director of the IMF, Kenji Okamura.
The delegation extensively discussed with the IMF team Sri Lanka’s recent economic trends and the next steps required to obtain the IMF Executive Board approval for the proposed Extended Fund Facility (EFF) programme.
Dr. Chandranath Amarasekara, Alternate Executive Director of the IMF, Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka and Mahinda Siriwardana, Secretary to the Treasury also attended the talks.
The IMF had reiterated last week the prior actions Sri Lanka must take for the IMF board to approve the disbursement of funds.
Deputy Director, Asia and Pacific Department at the International Monetary Fund, Anne-Marie Gulde, had said that the conditions involve securing assurances from bilateral creditors and dealing with the private sector debt.
“Sri Lanka is facing a very severe economic crisis. And let me start by saying that we are very concerned about what’s going on in Sri Lanka. And we all hope that we will be able to work very fast to end the suffering, especially the suffering of the poor and vulnerable. We have reached a staff level agreement on a four-year EFF program on September 1 of this year,” Anne-Marie Gulde said.
She said that the initial disbursement of the program will only come after the IMF board meeting. (Colombo Gazette)
