Ceylon Chamber urges China to meet IMF requirements

The Ceylon Chamber has urged China to meet the requirements of the International Monetary Fund (IMF) that will result in a swift approval of the IMF program for Sri Lanka.

Issuing a statement, the Ceylon Chamber said that it welcomed and appreciates the financial assurances provided by creditors thus far, towards achieving Board approval from the IMF.

“The timely announcements by India, Paris Club members including members such as Japan, U.S. and UK, and non-members such as Hungary, are highly encouraging and appreciated by the business community at this time,” the Ceylon Chamber of Commerce said.

The Ceylon Chamber also said that they are encouraged by the assurances provided by the international bondholders to engage with Sri Lanka towards restoring debt sustainability.

“We look forward to similar assurances from other commercial and bilateral creditors including China, in line with the IMF requirements that will result in a swift approval of the IMF program,” the Ceylon Chamber said.

The Chamber appreciated the support given by China in the economic development of Sri Lanka and requests to work with IMF in order for Sri Lanka to receive its much needed funding as a key bilateral creditor.

“The securing of the IMF program will be a crucial first step in Sri Lanka?s debt restructuring efforts which will reduce the present economic uncertainty,” the Ceylon Chamber said.

The Government has carried out an initial set of reforms and we expect more reforms to take place post IMF Board approval, that will provide an impetus towards economic revival.

The Ceylon Chamber urgeg the IMF to consider the assurances received thus far and initiate the approval process, as continual delays will place Sri Lanka in an extremely vulnerable social and economic position. (Colombo Gazette)