IMF eyes creditor assurances as it prepares Sri Lanka visit

20 August 2022 08:17 am Views - {{hitsCtrl.values.hits}} 12 Bookmark

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The International Monetary Fund said it will need "adequate assurances" from Sri Lanka's creditors for a new program as it prepares a visit to Colombo later this month.

The goal of the visit is to make progress on a staff-level agreement for an aid package "in the near term," to help the island nation weather a severe economic crisis, the IMF said on Friday.

Staff from the global lender will be in Colombo from August 24 to 31, the IMF said.

"Because Sri Lanka’s public debt is assessed as unsustainable, approval by the IMF Executive Board of the Extended Fund Facility program would require adequate assurances by Sri Lanka’s creditors that debt sustainability will be restored," the IMF said.

Comments - 12

Lion Saturday, 20 August 2022 08:44 AM

Credit assurance would automatically comes if a democratic government is elected by the people of this country.

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Mizaru Saturday, 20 August 2022 08:52 AM

With China not helping and Japan and the west ignoring Sri Lanka request for rescheduling or haircuts on the loans. Ranil will have to survive with what ever resources Sri Lanka has. The bridging funding seems a long shot. I can remember how Ali Sabry giving press briefing on how was to get 3 billon US $ in his visit to the IMF in Washington. What a clown.

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johan Saturday, 20 August 2022 09:07 AM

IMF will grant only 3 -4 billion when SL debt is more than 54 billion dollars.Can the future governments bring solution to the starving masses and bring back SL to 2018.Otherwise there will be no end for the public protest most of the sectors will collapse including construction.Has the present govt. taken any concerete steps to revive the economy including curbing the corruption and also recovering the losses incurred through so many scams or they are dumping everything on people's heads

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Punchi Saturday, 20 August 2022 09:53 AM

We are a Shinhala Buddhist culture with an expectation of freebies, overseas grants to maintain our profligate life style, massive unproductive state resources like a 400,000 security establishment, 10O,OOOs of unproductive monks on state stipends etc. Immense expenditure to deny fellow citizens their rights etc. Massive corruption entrenched in all levels. Now we expect international bodies and the IMF to ignore all this and bestow money on us because in our minds our Sinhala Buddhist culture makes us special in the universe and deserving

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Daily Mirror Humbug. Useless to give name Saturday, 20 August 2022 10:11 AM

Only selected and favoured persons are entertained regularly by Daily Mirror. Most are anti RW.. Ours go to WPB Looks most are Daily Mirror socialist believe guys in staff. Adios Amigo

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Kirite Saturday, 20 August 2022 10:16 AM

Why don't the people start producing the country's needs without relying on governments to get them handouts?

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Allen Selwyn Saturday, 20 August 2022 11:06 AM

The Sinhala leadership was focused on race and religion since independence. They have to learn to be honest, efficient, hardworking, competitive and most importantly repay borrowed money with interest and on time. Nandalal with his baseless utterance has lost credibility. IMF is clearly stating that there will be no staff level agreement without the debtors agreement. Typical Sinhala response. "Shape karanda puluwan". The reality is that the IMF requires a credible plan for repaying the debt. Watch the stock market crash next week followed by more strikes.

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Nihal S Saturday, 20 August 2022 12:31 PM

It appears restructure of Chinese loans is critical to the IMF support.

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naki maina Saturday, 20 August 2022 12:48 PM

IMF we welcome you to this country.. Pls do thorough investigation about what is going here.. You will surly see state terrorism similar to Myanmar. Do not give any penny to this terrorist state...this junta must go home.

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Nish Saturday, 20 August 2022 03:19 PM

@Punchi: You are absolutely correct. SL has a really massive useless and lazy public servants lot, who have been mainly recruited by those equally useless brainless politicians. Additionally, the State has many loss making institutions of which 85% cost is for salaries (overtime is massive). Then, SL has an archaic education system producing unemployable graduates many of whom have studied religion, dead languages, history, Sanskrit, Pali etc. Who will give jobs to them? Vast majority of SL graduates will never be able compete in global job markets, unlike graduates from other countries. Then there are these 225 idiot MPs (225 for such a small country) and a jumbo Cabinet. Why should international tax payers foot a bill for such a failed State? One thing is sure: IMF is not stupid and brainless.

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Can central bank get the assurances Sunday, 21 August 2022 04:10 PM

Heard nothing about court case against government by the US pension fund since it was first reported about. I wonder if IMF hopes India will say, sure all the new credit line they give can wait another 100 years for being paid back. For small amount IMF willing to lend, of 4 billion to the 60 billion in outstanding debt, I wonder if the creditor stupid enough to accept 1 cent for every dollar they owe. I wonder if our tricky central bank people while they can hoodwink the general public will be able to deceive the international creditors as well.

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If we democracy we can ask US for good will payment Sunday, 21 August 2022 04:15 PM

European nations and US may be able to provide for backing lanka if we had actual democracy. If MPs willing to change laws preventing democracy and dissolve parliament afterwards, and get rid of executive presidency, maybe we can appeal for decency and become a new country. So then big democracy like US which gives 100 billion dollar plus to Ukraine can easy provide for some billions for us. With current parliament and our laws no good will from major Democratic countries. Only Indian protest stifling India willing to give credit line loan, but for what interest rate, does any one know?

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