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Government says talks with IMF positive

19 Apr, 2022

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The Government says discussions held with the International Monetary Fund (IMF) in Washington were positive.

The Finance Ministry said that negotiations between a delegation led by Finance Minister Ali Sabry and the IMF started in Washington on a positive note yesterday (Monday).

The IMF has noted the recent steps taken to increase the interest rates and calling for RfP?s for the appointment of international financial/legal advisors as good first steps towards a possible restructuring programme.

The Finance Minister had made a request for a Rapid Financing Instrument (RFI) to mitigate the current supply chain issues.

However, initially the IMF was of the view that it doesn?t meet their criteria.

The Finance Ministry said that India subsequently made representations on an RFI for Sri Lanka as well and the IMF may consider this request due to the unique circumstances.

The IMF also appears to be positive towards granting an Extended Fund Facility (EFF), the Finance Ministry said, adding that this can help stabilize things in the short term till long-term solutions kick in. (Colombo Gazette)

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