IMF content with govt programme - Governor

The International Monetary Fund (IMF) Foreign Relations Committee was content and has accepted the comprehensive programme proposed by the government, Central Bank Governor Dr. Nandalal Weerasinghe said yesterday.

He said that this is a significant progress that has been made with respect to negotiations with the IMF towards reaching a staff-level agreement on the Extended Fund Facility (EFF) arrangement in the near term.

The Governor said another meeting would be held via zoom with the IMF team in this regard. Dr. Weerasinghe also said that in addition there are ongoing negotiations with several bilateral and multilateral partners to secure bridging financing.

 “Moreover, expeditious arrangements are being made with regard to the external debt restructuring process.” Updating the reserves position he said that it stands at US$ 1.95 billion (including the swap facility from the People’s Bank of China which is equivalent to the tune of US$ 1.5 billion) and due to Sri Lanka going for self default, no immediate debt payments are due. In addition to IMF and donor agencies support, the restriction of Lanka’s debt is being done by internationally appointed lawyers and other firms.

by Daily News Sri Lanka

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