IMF waiting for Sri Lanka to do the needful - Staff-level deal only an ad-referendum

7 October 2022 04:29 am - 9 - {{hitsCtrl.values.hits}}

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The International Monetary Fund (IMF) is waiting for Sri Lanka to comply with all the applicable IMF policies before further steps can be taken.

In an emailed response to Daily Mirror, Peter Breuer, Senior Mission Chief for Sri Lanka and Masahiro Nozaki, Mission Chief for Sri Lanka, said that on 1st September the IMF reached a staff-level agreement (SLA) with Sri Lanka on a 48-month arrangement under the Extended Fund Facility of about US$2.9 billion.

“The SLA is ad-referendum i.e., subject to IMF Management and IMF Executive Board approval. Once all applicable IMF policies are complied with (including taking prior actions and restoring debt sustainability consistent with programme parameters), IMF management recommends to the IMF Executive Board to approve an IMF arrangement. Once the IMF arrangement is approved, the member will receive financing under in tranches subject to the IMF Executive Board’s regular review of the member’s policy implementation,” the IMF said.

The IMF also said that according to the IMF policies, the Memorandum of Economic and Financial Policies (MEFP), which describes the proposed policy measures in the SLA in detail, will be published shortly after the Board approval of the EFF arrangement.

Peter Breuer and Masahiro Nozaki said that in the interest of transparency, the IMF issued a press release on September 1, and held a press conference on the same day, to disseminate key elements of the SLA.

The Sri Lankan authorities disseminated further details in a presentation to creditors on September 23. (Easwaran Rutnam)

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Comments - 9

Punchi Friday, 07 October 2022 06:55 AM

There is no IMF money, no freebies from India, no Chinese mirage money, how are we going to fund our 330,000 army and hundreds thousands of monks who have yet to successfully invoke Buddha bestow US dollars etc on us. Maybe finally everyone can see that we mistake our cunning for intelligence

Nilmini Welivita Friday, 07 October 2022 07:01 AM

Addressing the IMF requirements is beyond Rajapaksa housemaids (Ranil) capabilities. The IMF will alt take into account the UNHCR resolution where our fake president will come undone for following orders from his masters.

Mizaru Friday, 07 October 2022 08:14 AM

It looks like the IMF bailout is a long way off. The speech made by Ranil in Parliament was a clear indication. Sri Lanka has to follow all International norms to get assistance from the developed and civilised world.

Mahila Friday, 07 October 2022 02:44 PM

You are SPOT ON!! Behave well and do as you are told is the message for next 48 months atleast! After that god help, may be the Messiah would be at work again to ruin once again and provide not food, but starvation for all??!! Well 6.9 million think again whether you want "Hulag" for Breakfast, Lunch and Dinner??!! Your choice in 2024??!! Another mistake and none to help, whether you starve or stink and exit the world?? THINK CAREFULLY BEFORE ACT??!!

Nimal Friday, 07 October 2022 09:05 AM

IMF is waiting! IMF: Wait until cows come home and it aint going to happen. These lunatics won't or can't do anything. All they are interested in is looking after themselves.

Samson Friday, 07 October 2022 09:09 AM

Keep waiting IMF. Nothing is going to happen. It has only been 74 years since English left. Wait for another 500 years before some learned person is born in this wonderland! This country will never learn anything from anything.

Sunil Friday, 07 October 2022 09:48 AM

For its part, the Sri Lankan government will do exactly nothing.

Action for freedom Friday, 07 October 2022 01:27 PM

Country like ours cannot get to doing the needful while it is toxic with the corruption of politicians. How many of the current and past MPs and Presidents are truly decent men or women. Most current and former MPs and Presidents have knowingly committed harm to others for their own personal gains.

Jef Saturday, 08 October 2022 10:19 AM

IMF is a key player for Sri Lankan political

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IMF waiting for Sri Lanka to do the needful - Staff-level deal only an ad-referendum

Comments - 9

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