IMF team arrives on Monday to discuss lending arrangement

An International Monetary Fund (IMF) team will visit Sri Lanka on June 20 to continue discussions on an economic programme and key IMF support.

It has reaffirmed its commitment to support the island nation during the ongoing economic crisis in accordance with the ‘IMF’s policies’, an IMF spokesperson in Washington disclosed in an email message.

The IMF will further conduct negotiations with the Central Bank authorities on its lending arrangement building on the progress made during the May 9-24 virtual mission, the spokesperson added.

During their visit the team will hold discussions with the President and Prime Minister who is also the finance minister. 

Prime Minister Ranil Wickremesinghe is determined to finalise the staff level agreement during the visit, the PM’s office said

The IMF team concluded technical discussions on a comprehensive reform package on May 25 to restore macroeconomic stability and debt sustainability in the country.

The team made good progress in assessing the economic situation and in identifying policy priorities to be taken going forward.

The discussions focused on restoring fiscal sustainability while protecting the vulnerable and poor; ensuring credibility of the monetary policy and exchange rate regimes; preserving financial sector stability; and structural reforms to enhance growth and strengthen governance. (Bandula)