IMF Executive Board considers Sri Lanka’s loan facility for approval today

20 March 2023 07:11 am - 7 - {{hitsCtrl.values.hits}}

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The Executive Board of the International Monetary Fund (IMF) will consider Sri Lanka’s bailout package for approval today, exactly 200 days after reaching a staff level agreement. The approval of the programme would immediately unlock IMF financing for Sri Lanka through the US$ 2.9 billion, 4-year loan under the Extended Fund Facility (EFF) as agreed when entering the staff-level agreement in early September last year.

The approval of the IMF Executive Board is also expected to unlock further funding lines through the World Bank and the Asian Development Bank, which are already lined up, according to Sri Lankan authorities.

Sri Lanka has secured financing assurances from all its major bilateral creditors for the IMF Executive Board to consider the bailout package for the country. If approved, this would be Sri Lanka’s 17thprogramme with the IMF. The expected IMF bailout is seen as a necessary early step on a long road to economic recovery as Sri Lanka has to bring its debt to sustainable levels within a 10-year period following negotiations with its creditors for debt treatment.

The bailout package this time is somewhat different to previous ones as it could be also be used for budget support, Central Bank Governor Dr. Nandalal Weerasinghe said.

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Comments - 7

joshua Monday, 20 March 2023 08:51 AM

Loan for an undemocratic country??

Upo Monday, 20 March 2023 08:58 AM

Finally our begging bowl will be filled !!! Thank you 6.9 mil intelligence voters

Ama Monday, 20 March 2023 09:06 AM

IMF bailout cannot draw a ROAD MAP for recovery. The government should have a proper plan - such as to increase Exports, eliminate corruption, transparency in all dealing, rationalise public expenditure, spend Tea Board marketing levy to promote CEYLON TEA overseas etc

Ahmed Mursheed idruus Monday, 20 March 2023 10:23 AM

Thank u the members of the various opposition parties for making our government become more transparent in future

GHT Monday, 20 March 2023 11:45 AM

IMF requested other nations such as; China, Japan, Europe to support debt-restructuring process on Sri Lanka placing conditions for more than 10 years, where IMF itself forces Sri Lanka to return the loan within 4 years, what an unreasonable command on bankrupt Sri Lanka.

lester Monday, 20 March 2023 12:02 PM

It will be a blessing in disguise for the country if the deny this loan. We have enough loans to pay back. We dont need anymore loans.

Ram Monday, 20 March 2023 03:21 PM

Spread over 4 years this loan cannot do much to get us out of bankruptcy. Further our total debt obligation is due to get fatter with the IMF help

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IMF Executive Board considers Sri Lanka’s loan facility for approval today

Comments - 7

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