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Sri Lanka pushing to reach final deal with IMF in December

15 Nov, 2022

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Sri Lanka is pushing to reach a final agreement with the International Monetary Fund (IMF) in December.

State Minister of Finance Shehan Semasinghe told reporters today that the authorities are working on the proposals put forward by the IMF.

He said that every attempt is being made to secure IMF board approval for a final agreement with Sri Lanka by December.

The IMF has requested Sri Lanka to introduce economic reforms and to also reach an agreement with its three main creditors on debt restructuring.

The State Minister said that Sri Lanka’s creditors, namely India, China and Japan, have not made any indication of an unwillingness to support Sri Lanka.

An IMF mission led by Peter Breuer and Masahiro Nozaki visited Colombo from August 24 to September 1, 2022 to continue discussions on IMF support for Sri Lanka and the authorities? comprehensive economic reform program.

At the end of the mission the Sri Lankan authorities and the IMF team reached a staff-level agreement to support the authorities? economic adjustment and reform policies with a new 48-month Extended Fund Facility (EFF) with a requested access of about SDR 2.2 billion (equivalent to US$2.9 billion).??(Colombo Gazette)

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