Sri Lanka in talks with IMF to replace existing deal

08 May, 2020

By Vyshnavy Velrajh

The Government of Sri Lanka has commenced discussions with the International Monetary Fund (IMF) to replace the current extended fund facility arrangement with the rapid financing instrument.

IMF spokesman Gerry Rice said the IMF has received a request from the Sri Lankan Government for emergency financial support, under the rapid financing instrument.

The IMF will be working in close coordination with the Government to assess all relevant factors related to that request.

The Sri Lankan authorities have also expressed interest in a range of options for future engagement with the Fund, he said.

The International Monetary Fund in April revealed it was set to review the current funding program provided to Sri Lanka, after it received a letter from the Government of Sri Lanka on the IMF?s Rapid Credit Facility in view of the global coronavirus outbreak.

The current extended fund agreement was reached between the IMF and the former Government. (Colombo Gazette)

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