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Govt. still optimistic about IMF Executive Board nod before end 2022

05 Nov 2022

  • Ranjith Siyambalapitiya confirms positive outcomes from debt restructuring talks
  • First tranche of the $ 2.9 b to be received by January 2023
  • Says no credit agreement on technical details of debt restructuring required
By Shenal Fernando Contrary to the claims by Opposition MPs, the Government continues to remain optimistic that Sri Lanka will be able to obtain the approval of the Executive Board of the International Monetary Fund (IMF) by the end of this year.  Speaking to The Sunday Morning Business, State Minister of Finance Ranjith Siyambalapitiya stated that considering the continuous positive news coming out of the current debt restructuring talks with bilateral creditors, the Government continued to be optimistic that it would be able to achieve IMF Executive Board approval by December 2022 as planned previously and that the first tranche of the $ 2.9 billion Extended Fund Facility (EFF) sought from the IMF would also be received by January 2023 at the latest.  Commenting further, he stated: “In order to obtain IMF Executive Board approval, we will need to achieve some sort of creditor consensus on a general policy saying that they are willing to participate in the debt restructuring process with us. However, no creditor agreement on the technical details of the debt restructuring will be required.” He stated that more than obtaining the EFF, IMF approval of the agreed Sri Lankan policy package would be the most important development from the current talks with the IMF, as it would provide a significant morale boost while indicating to the world that Sri Lanka was on the correct path towards recovery.   These assurances by the State Minister come in the wake of the allegation by Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva in a recent television interview where he claimed that Sri Lanka would have to secure an agreement with its creditors in the next two to three weeks in order to obtain an IMF agreement by end 2022 since after Thanksgiving it would be the holiday season in the US. He added that in order to complete its objectives in the next two to three weeks, Sri Lanka must come to an agreement with China, India, and Japan, and secure financial assurances from its private creditors on reaching a final agreement in the future. “In order to do anything, reforms to the economy should be implemented through Parliament,” he said.    

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