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Sabry-led delegation leaves for IMF

17 Apr 2022

  • Finance Minister and CBSL Governor hoping for $ 4 bn bailout
A delegation led by Minister of Finance Ali Sabry and including Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe and Secretary to the Ministry of Finance Mahinda Siriwardana left the island for discussions with the International Monetary Fund (IMF) over the weekend. Accordingly, they are scheduled to visit the headquarters of the IMF in Washington D.C. The talks are scheduled to take place from tomorrow (19) to 24 April. Sri Lanka is expected to receive close to $ 4 billion if the discussions with the IMF are successful. It would be made available to Sri Lanka under five tranches, enabling Sri Lanka to ensure credibility in the global financial sector. However, if Sri Lanka receives financial assistance from the IMF, the latter’s recommendations will also have to be implemented in Sri Lanka. Accordingly, it is reported that during the visit, close attention will be paid to the recommendations that are made and how they will be implemented. Finance Minister Sabry had said previously that Sri Lanka is seeking a bailout package of $ 4 billion from the IMF. The visit is taking place days after the Finance Ministry last Tuesday (12) announced that it is suspending repayments of foreign debt, including bonds and government-to-government borrowing, pending the completion of a loan restructuring programme with the IMF. This was the first-ever debt default by Sri Lanka in its post-Independence history, and the people of the country are facing crippling power cuts and an extreme scarcity of food, fuel, and other essential items such as medicines. Sri Lanka had to meet $ 7 billion in debt payments this year.


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