IMF to extend Sri Lanka program till June 2020

The International Monetary Fund says it hopes to extend the funding program with Sri Lanka till June 2020.

IMF Director at the Communications Department, Gerry Rice, said that the IMF Executive Board will meet next week to consider the request from Sri Lanka to complete the review of the 5th review under the IMF program.

“On the substance of IMF help, we have a program there with Sri Lanka that is ongoing and indeed next week, our executive board will consider the request from the authorities to complete the review of the 5th review under our program,” he said.

He also said that the IMF Executive Board will consider a request to extend the program by one additional year which would mean until June 2020.

“And that extension again to be approved by our board, discussed and approved, that extension will provide additional time to the authorities to anchor macroeconomic stability and complete their reform agenda,” he said.

Rice said that outstanding access of about $500 million under the arrangement will be rephrased evenly in three tranches over three semiannual reviews under that extension. (Colombo Gazette)

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