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Sri Lanka to brief creditors on IMF deal

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18 September 2022 02:13 pm - 14     - {{hitsCtrl.values.hits}}

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The Sri Lankan government will virtually brief all its external creditors on September 23, 2022, on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process.

On September 1, the IMF reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about $2.9 billion.

Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves.

"Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments," Clifford Chance, the debt restructuring adviser, said in a statement on Saturday.

The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in the debt restructuring process.

The IMF while announcing its willingness to enter a staff-level agreement at the end of August said that agreement with creditors was the key to the facility.


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  Comments - 14

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  • Nihal S Sunday, 18 September 2022 02:35 PM

    "The IMF while announcing its willingness to enter a staff-level agreement at the end of August said that agreement with creditors was the key to the facility". This explains that there is no 'unconditional' formal agreement in place after the IMF delegation visit to the Island, although the Government claimed a staff level agreement was entered into (and subsequently failed to produce to the Parliament).

    sam Sunday, 18 September 2022 04:04 PM

    What brief, you know where the money is, get the looted money back and arrange to pay.

    sss Sunday, 18 September 2022 05:07 PM

    Compare South Korea and Sri lanka in 1960 and now in the following YouTube video. They have switched places. 100 years of higher education has done nothing for SL economy "Why is South Korea so rich? - South Korea's Economy"

    Give right to vote even when overseas Sunday, 18 September 2022 05:36 PM

    This sounds more like politician speak. Our side wants the creditor to accept losses on their loans. Hair cut or any other dirty name or despicable cut, it's still the same financial effect to them. Knowing they want their money back, but we can't and don't want to pay them back we must start speaking up that our people don't care about creditors. Especially US or European as they're courts if action is taken against us in those jurisdictions could be most detrimental to us. Might even be worth a referendum vote if we should pay back as they want (100% plus interest) or nothing to the creditors. There will be overwhelming vote for sure, our public is happier to vote overwhelming to pay back zero, absolutely nothing to the creditors. Once there's probably a 90% plus vote for not paying back anything our government will be better footing to negotiate with true national mandate.

    Dee Sunday, 18 September 2022 08:13 PM

    Now- SJB/SLFP/JVP! Do your utmost to sabotage the discussion. We are waiting to vote for you!

    Jude Monday, 19 September 2022 01:51 AM

    Hello, Daily Mirror, SL never faced this economic crisis before, yeah SL went Bankrupt !! That's why Daily Mirror very shy of reporting that!! Hey DM call a spade a spade!!

    Lion Monday, 19 September 2022 03:55 AM

    What I thought was that, a peaceful condition of a country is a primary requirement for a loan disbursement ,In that case do we stand a chance where rouges are in governance in our country.

    Sri Lankan Monday, 19 September 2022 05:11 AM

    We want a 'very short haircut'. If the creditors don't accept it then 'complete haircut'. Creditors, take it or leave it.

    Punchi Monday, 19 September 2022 05:14 AM

    iMF money is only a temporary bandage to our bleeding. We have destroyed ourselves and we will never recover. In 2 decades we will be competing with Nepal to send domestic workers to a prosperous powerful India

    Kikazaru Monday, 19 September 2022 06:08 AM

    This connotes that the discussions with IMF are still at its infancy.

    Gone are the days ha ha Monday, 19 September 2022 08:15 AM

    DM, you as a daily paper, have an obligation to report correctly, accurately and being precisely as a responsible media institution. The predicament we are in is because nationalistic thieves like Rajapaksha’s and Ranil. The entire world knows albeit your news propaganda’s.

    Terrence Monday, 19 September 2022 09:16 AM

    Briefing creditors will not suffice it has to be obtaining their unconditional agreement to the course of action in satisfying the future repayment program of creditors

    Ranil Monday, 19 September 2022 10:30 AM

    By placing IMF Staff level agreements to public servants will be end game for government, they will never do it. We have no chance of getting IMF bailout as neither our government will layoff required staff.

    rew Monday, 19 September 2022 10:50 AM

    Tell them how the economy crash landed and the steps being taken to cover this up, rather than attempting to recover some or all of it.


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