Another IMF team to visit Sri Lanka for further EFF review

Above: IMf officials at a recent briefing in Colombo.

Another official team from the International Monetary Fund (IMF) is expected to visit Sri Lanka next week.

The team will hold extensive discussions on the disbursement of the US$330 million second tranche of the Extended Fund Facility for Sri Lanka, Finance Ministry sources revealed.

The discussions will focus on the country's tax policy and other economic factors including the granting of a waiver for some of the delayed commitments which were undertaken by the government, a senior official who was closely connected to IMF negotiations told Times Online.  

He said that officials are eagerly waiting to reach a final decision later next week, on matter’s including financial and Governance issues highlighted by the previous IMF mission.  

Meanwhile the Sri Lankan delegation attending the 2023 Annual meetings of the World Bank and the International Monetary Fund in Morocco is to seek financial support during discussions with representatives from the two global agencies.

Finance Ministry sources quoted State Minister Shehan Semasinghe who is leading the delegation in Morocco as saying that he along with Central Bank Governor Nandalal Weerasinghe, and Secretary to the Treasury Mahinda Siriwardhana met with the Executive Director of the IMF K. Subramanian.

They discussed the progress of the IMF programme and the current economic conditions including challenges and opportunities faced by Sri Lanka's economy, sources said. 

A discussion was held with the Executive Director of the World Bank Parameswaran Iyer about the programmes supported by the World Bank to Sri Lanka.

The Sri Lanka team has expressed gratitude for the support provided by the World Bank to the economic stability and the success of the reforms in Sri Lanka.

The WB –IMF Annual Meetings will provide an opportunity for Sri Lankan officials to discuss their progress and seek support from other member countries, a top ministry official said.

In addition to the official meetings, the Annual Meetings also feature a variety of side events and seminars on a wide range of development topics.

These events provide an opportunity for Sri Lankan policymakers and other stakeholders to learn about best practices and network with experts from around the world, he added. (Bandula).