Ceylon Chamber welcomes assurances by global creditors on IMF loan

The Ceylon Chamber of Commerce (CCC) on Sunday welcomed and appreciated the financial assurances provided by creditors thus far, towards achieving Board approval from the IMF on Sri Lanka’s request for a US$2.9 billion bailout package.

The timely announcements by India, Paris Club members including members such as Japan, U.S. and UK, and non-members such as Hungary, are highly encouraging and appreciated by the business community at this time, the CCC said in a statement.

“We are also encouraged by the assurances provided by the international bondholders to engage with Sri Lanka towards restoring debt sustainability. We look forward to similar assurances from other commercial and bilateral creditors including China, in line with the IMF requirements that will result in a swift approval of the IMF programme. The Chamber appreciates the support given by China in the economic development of Sri Lanka and requests to work with IMF in order for Sri Lanka to receive its much needed funding as a key bilateral creditor,” it said.  

The securing of the IMF programme will be a crucial first step in Sri Lanka’s debt restructuring efforts which will reduce the present economic uncertainty. “The Government has carried out an initial set of reforms and we expect more reforms to take place post IMF Board approval that will provide an impetus towards economic revival. The Ceylon Chamber would like to urge the IMF to consider the assurances received thus far and initiate the approval process, as continual delays will place Sri Lanka in an extremely vulnerable social and economic position,” the statement noted..