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Discussions with SL authorities constructive and productive: IMF team

01 Jul 2022 - {{hitsCtrl.values.hits}}      

  • The staff team and the authorities made significant progress in defining a macroeconomic and structural policy package

The IMF team that concluded their visit to Sri Lanka said that they had constructive and productive discussions with the Sri Lankan authorities on economic policies and reforms to be supported by an IMF Extended Fund Facility (EFF) arrangement and also said Executive Board approval would require adequate financing assurances from Sri Lanka’s creditors that debt sustainability will be restored, and far-reaching tax reforms are urgently needed.


“The authorities’ monetary, fiscal policy and other actions since early April were important first steps to address the crisis. The team had constructive and productive discussions with the Sri Lankan authorities on economic policies and reforms to be supported by an IMF EFF arrangement. The staff team and the authorities made significant progress in defining a macroeconomic and structural policy package. The discussions will continue virtually with a view to reaching a staff-level agreement on the EFF arrangement in the near term. Because public debt is assessed as unsustainable, Executive Board approval would require adequate financing assurances from Sri Lanka’s creditors that debt sustainability will be restored”, it said.