IMF begins talks in Sri Lanka in attempt to reach deal

24 Aug, 2022

A delegation of the International Monetary Fund (IMF) began talks in Colombo today focused on reaching an agreement on a prospective IMF Extended Fund Facility (EFF) arrangement.

An IMF delegation is in Sri Lanka from August 24-31.

The IMF said that the focus of the visit will be to continue discussions with the Sri Lankan authorities on economic and financial reforms and policies.

The objective is to make progress towards reaching a staff-level agreement on a prospective IMF Extended Fund Facility (EFF) arrangement in the near term.

Because Sri Lanka?s public debt is assessed as unsustainable, approval by the IMF Executive Board of the EFF program would require adequate assurances by Sri Lanka?s creditors that debt sustainability will be restored.

The IMF staff would also continue the engagement with other stakeholders during the visit.

The team will be led by Peter Breuer and Masahiro Nozaki.?(Colombo Gazette)

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