IMF prepares for policy discussions with new administration
View(s):Sri Lanka is set to reach a staff-level agreement with the International Monetary Fund (IMF) within a couple of months and an economic reform programme for a bailout package would be finalised by next month (August).
The debt restructuring process will also commence soon to reach an agreement with creditors as a prelude to the IMF towards providing financial assistance, a top official closely connected to IMF negotiations disclosed.
The IMF is closely monitoring the ongoing developments in Sri Lanka, an IMF spokesman revealed to Business Times.
He noted that” they are continuing technical discussions with their counterparts in the Ministry of Finance and Central Bank and are ready for policy discussions with the new administration towards reaching a staff-level agreement on the Extended Fund Facility (EFF) arrangement”.
Initial discussions with the IMF on public finance, debt sustainability, stability of the banking sector and the social security network have been concluded. Sri Lanka government has already devised policies to make the IMF-supported programme successful. The government is seeking U$3 billion from the IMF in return for implementing stringent economic reform commitments to gain this facility, Treasury official said.
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