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IMF reaches staff-level agreement with SL on second review

21 March 2024 03:20 pm - 11     - {{hitsCtrl.values.hits}}

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The IMF team reached staff-level agreement with the Sri Lankan authorities on the second review under the economic reform program supported by a 4-year Extended Fund Facility (EFF) arrangement and concluded the 2024 Article IV Consultation discussions.

Addressing the media, IMF Senior Mission Chief Peter Breuer said the staff-level agreement is subject to the approval by IMF management and the IMF Executive Board in the period ahead.

The approval will depend on the implementation by the authorities of prior actions, the completion of financing assurances review, which will focus on confirming multilateral partners’ committed financing contributions, and whether adequate progress has been made with the debt restructuring to give confidence that the restructuring will be concluded in a timely manner and in line with the program’s debt targets.

“Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about US$337 million), bringing the total IMF financial support disbursed under the arrangement to SDR 762 million (about US$1 billion),” said Breuer.

The EFF arrangement was approved by the IMF Executive Board for a total amount of SDR 2.3 billion (about US$3 billion) on March 20, 2023.

 


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  Comments - 11

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  • Ruwan Thursday, 21 March 2024 04:18 PM

    Bravo Sri Lanka. I remember the earlier time it took about 2 months to get this.

    Government officials Having High Salaries And Perks. Thursday, 21 March 2024 04:31 PM

    Can’t understand how IMF approves these loans to a government which is not at all bothered to cut expenses. Especially having a huge amount of high ranking military personnel and each enjoying high salaries and perks. But the assets they are managing are limited and obsolete. If these current Generals were managing these assets in modern armies in the world, they might be holding a rank of Colonel and below. Plus all other officials having various high perks and salaries but their job scope doesn’t justify such remuneration.

    Suri Nam Friday, 22 March 2024 10:58 AM

    You are so right. This brings into question whether the IMF is really sincere, or whether they harped on about our very real structural issues in order to lure us from China's debt trap into their own one.

    Irsbiz Thursday, 21 March 2024 05:10 PM

    What about the 2nd trench when is it coming for the rupee to appreciate and ease the cost of living

    Buddhist Thursday, 21 March 2024 09:15 PM

    Blowing hot and cold. In the end, IMF has not approved - this is the bottom line

    A.R.A. Soysa Friday, 22 March 2024 12:36 AM

    What's happened to SJB Dr Harsha's big mouth where he said the IMF will NEVER talk with an unelected government??

    Cherath Friday, 22 March 2024 05:24 AM

    With all the mandatory conditions (particularly those that emphasises the necessity of stringent controls of govt. expenditure outlaid by the IMF), I cannot understand why the IMF has seemingly disregarded the outrageous and outlandish salary hikes among CBofSL staff. It's worth banging into our heads that all these releases are loans, repayable with interest on top of current loan commitments.

    Eper Friday, 22 March 2024 07:53 AM

    All we, the citizens need is not the sustenance loans you take to run the country, but the dollar generating projects adopted by the government, which will improve the economy of Lanka. Do you ever think of how are you going to settle these loans

    Buddhist Friday, 22 March 2024 08:07 AM

    Although most Sri Lankans think the debt restructuring agreements with China, India and the Club have been signed, but the truth is they have not been signed. So to date Ranil has not achieved anything other than borrowing more.

    Jude Friday, 22 March 2024 08:34 AM

    The SL economic situation a Illusion!! Economically SL not in good shape. Most People can't afford to buy anything other than essential food items. As we all know SL imports anything and everything, people's purchasing power Have dropped considerably, so there's no More demand for dollars so naturally rupee appreciates. The government borrowing at an alarming rate from IMF world Bank and ADB in the last couple of years, nothing has been paid back however next 3-5 years SL gov't has to start paying back some of these loans, then back to square one, high dollar and Balance of payment issues then Bankruptcy another option or keep restructuring the debt!!!

    Ratnasuri Hadiranpola Friday, 22 March 2024 08:54 AM

    It's a positive sign that after nearly 5 decades of poor financial management by our politicians and ruined the country economically and socially that an out sider is guiding us how to maintain financial discipline to a somewhat acceptable level. Let's see how future politicians improve this discipline further in the wake of poor social attitude from top to bottom of our society including politicians in comparison to developed countries


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