IMF staff in Sri Lanka check progress on bailout programme

  • 0

IMF staff in Sri Lanka check progress on bailout programme

Friday, 12 May 2023 | PTI | COLOMBO

The IMF, which extended a USD 3 billion bailout facility to debt-ridden Sri Lanka, is currently on a consultation mission here to check on the country’s progress of the programme ahead of the expected formal review in September.

The State Minister for Finance Shehan Semasinghe said the IMF senior team members— Peter Breuer, the IMF chief for Sri Lanka and Sarwat Jahan, the IMF representative in Sri Lanka— met President Ranil Wickremesinghe in his capacity as the Finance Minister on Thursday.

The Washington-based global lender’s staff team is currently on a visit to Sri Lanka from May 11 to May 23.

“They are on a consultation mission ahead of the September review meeting. We discussed the progress so far in order to ensure that everything falls in line,” Semasinghe said.

President Wickremesinghe has expressed the government’s commitment to fulfilling all reforms outlined by the Washington-based global lender.The IMF bailout, the 17th in Sri Lanka’s history, called for hard economic reforms such as tax hikes, utility rate hikes and divesting loss-making state business enterprises which have been met with stiff political opposition.

Having obtained the USD 3 billion facility, Sri Lanka is currently negotiating debt restructuring with bilateral and multilateral creditors.

President Wickremesinghe had said by mid-May the restructuring programme would come into effect.

On Tuesday, the island nation’s authorities formally presented Colombo’s request for debt treatment at the first meeting of the official creditor committee, co-chaired by India, Japan, and France.

“We reiterated our commitment to transparency and compatibility of treatment with all our creditors and underlined the need to address the country’s debt situation as soon as possible,” Semasinghe had said.

Sri Lanka is yet to announce its plan for external and local debt restructuring, and according to officials, consultations on both aspects are underway.

State Editions

Ask Haryana to release city’s water share: AAP to LG

24 June 2024 | Staff Reporter | Delhi

Atishi vows to continue protest till water released

24 June 2024 | Staff Reporter | Delhi

BJP calls Minister’s hunger strike drama, shameful

24 June 2024 | Staff Reporter | Delhi

Surge in stop line violations on Capital roads

24 June 2024 | Staff Reporter | Delhi

13-year-old held for hoax bomb threat

24 June 2024 | Staff Reporter | Delhi

Sunday Edition

Scary Scarcity of Life s Driving Force


Feast On A Culinary Rainbow!

23 June 2024 | Sharmila Chand | Agenda

How Best To Spend 48 Hours In Tokyo

23 June 2024 | Sharmila Chand | Agenda

Dakshin Yatra Flavours of South

23 June 2024 | Pioneer | Agenda

A Beacon of Sanatana Dharma in the Modern World

23 June 2024 | SAKSHI PRIYA | Agenda

An Immersive Journey Through Indigenous Australian Culture

23 June 2024 | SAKSHI PRIYA | Agenda