New economic reform programme for IMF aid
View(s):The new administration will formulate and implement a comprehensive economic reform programme soon based on technical discussions with the International Monetary Fund (IMF), Finance Ministry sources said.
Sri Lankan authorities will be fast-tracking the procedure to agree on a financial facility (loan by mid-June) enabling it to seek urgently needed funds from other donor countries and foreign lenders, they added.
The IMF has welcomed the appointment of financial and legal advisers to engage in a collaborative dialogue with their creditors as an important step towards restoring public debt sustainability.
The IMF team concluded technical discussions during May 9-24 on an economic programme with a comprehensive reform package to restore macroeconomic stability and debt sustainability in Sri Lanka, an IMF official said.
According to the IMF statement, the team led by Peter Breuer, Chief of the Debt Capital Markets Division of the IMF, and Masahiro Nozaki Sri Lanka mission chief made good progress in assessing the economic situation and in identifying policy priorities to be taken going forward.
Rising global food and oil prices have further added to the balance of payments pressures. Inflation has accelerated driven by many factors, including the shortages of goods, fuel price increases, and currency depreciation.
In this context, the IMF expressed concern on the impact of the ongoing crisis affecting the people, particularly the poor and vulnerable groups.
The IMF team met with Prime Minister Ranil Wickremesinghe at the concluding meeting, following technical discussions with the economic team led by Governor Nandalal Weerasinghe of the Central Bank of Sri Lanka and Secretary to the Treasury Mahinda Siriwardana.
The team also met with representatives of the private sector, the financial sector, and development partners.
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