State Fin. Min. denies reports stating delay in gaining IMF board approval

5 November 2022 04:35 am - 15 - {{hitsCtrl.values.hits}}

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There would be no delay in Sri Lanka firming up the loan from the International Monetary Fund (IMF), the Finance Ministry said yesterday, calling the reports published in this regard factually incorrect.

Finance State Minister Sheshan Semasinghe took to Twitter yesterday to deny the likelihood of Sri Lanka witnessing any delays in obtaining the much-needed assistance from the IMF.

“Recent international coverage stated that beyond December the next slot for an IMF board meeting will be at the end of March. This is not factually correct and the IMF board meetings happen regularly,” tweeted Semasinghe.
The government is committed to engaging with all of Sri Lanka’s official creditors, he added. “We are doing so in an equitable, comparable and transparent way. The discussions around the IMF programmes are always complex but we are grateful for the constructive engagement from all our official creditors, including China, India and Japan,” said Semasinghe.

However, the statement made by Semasinghe contradicts the update shared by President Ranil Wickremesinghe earlier this week, in his capacity as the Finance Minister.

Wickremesinghe stated this week that the island nation is unlikely to firm up the IMF deal by December, as anticipated. He attributed the possible delays in securing the fund by this year to the ongoing debt restructuring talks with China and India. He pointed out that Sri Lanka is yet to obtain creditor assurances from the bilateral lenders, which is mandatory for the IMF board to formally endorse the bailout programme.

“I don’t know whether we can do it for the simple reason that in China, the focus has started now after the party conference. However, we must aim to have it by January,” said Wickremesinghe, commenting on the ongoing efforts with the IMF. He noted that Sri Lanka would gain a “big advantage” if it successfully seals the agreement by December, which means coming to an agreement by mid-November and going up to the IMF board in mid-December.

Comments - 15

Terrence Saturday, 05 November 2022 08:17 AM

How come you are contradicting the President who has very clearly said the government has to obtain creditor assurances from the bilateral lenders which is mandatory for the IMF to formally endorse the bailout program. ? Also you can't fool China as they will consider another loan at their prevailing rates of interest thus absorbing the existing loans and tighten the public necks further so that the public will continue to be a patient on a respirator for a longer period with no chance of survival. So act prudently without be complacent.

Punchi Saturday, 05 November 2022 08:23 AM

There is no IMF money coming in January 2023, unless we make structural changes to our Budget which we are unlikely to do. our suffering is of no consequence to India or China which is having many problems in the property and Luther sectors now

Sambo Saturday, 05 November 2022 08:40 AM

If they cannot deny then they are no ministers. If we could not survive with 4 billion dollars we received during the past few months from China and India who will problems be solved with 2.9 billion from the IMF.

Asoka Goonawardena Saturday, 05 November 2022 10:28 AM

Please tell the truth otherwise with today"s technology you will be proved a liar, clown, and a unsuitable minister . Finance minister wants you to be the scapegoat

sam Saturday, 05 November 2022 11:43 AM

With Ranil or any other Rajapaksa no IMF money will come

Singlish Saturday, 05 November 2022 01:19 PM

In Semasinghe's dealings with the IMF, there may be a Communication gap as there may be shortcomings in his knowledge of English.Hence we have to rely on the statement of Ranil.

sugath Saturday, 05 November 2022 05:51 PM

Latest trend of this government is to make contradictory satements so the public can be deceived.

Kps Saturday, 05 November 2022 06:21 PM

Didn’t all of the politicians praise and hail about Ranil the only internationally recognized leader in the country.

GHT Saturday, 05 November 2022 11:46 PM

The quicker the Bail out reaches from the IMF, the swift DESTRUCTION of our NATION is INEVITABLE.

ANNECUNT Sunday, 06 November 2022 03:17 AM

IMF before giving the money make sure economic criminals are jailed or punished

umas Sunday, 06 November 2022 03:23 AM

Please note IMF the sri-lankas biggest criminal ,the tsunami relief fund horas son is in the parliment

RexJarkie Sunday, 06 November 2022 05:04 AM

NO Funding from IMF till March 2023?

Janapala Ganegama Sunday, 06 November 2022 07:09 AM

Pin Paddiyo Bana Desathi - Poorman Hinga kathi - others dye without medicines - poonaya looking for funerals to attend!!

Seqi Sunday, 06 November 2022 09:51 AM

This little pudding hasn't even the skills to cook books. Pass the dummy.

Citizen k Monday, 07 November 2022 09:57 AM

When has he ever made a factual statement?He must remember we live in tech savvy world.

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State Fin. Min. denies reports stating delay in gaining IMF board approval

Comments - 15

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