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Talks with IMF from Wednesday

20 Aug 2022

  • Agreement on IMF Staff-Level Agreement likely: Govt.
  • Govt. continuing discussions with China’s Exim Bank
  • India will ‘give any help’ to SL at IMF, says Jaishankar
A delegation of the International Monetary Fund (IMF) will be in Sri Lanka from Wednesday (24) to 31 August to discuss the progress made by the country to ensure debt sustainability in order to pave the way for a Staff-Level Agreement (SLA) with the Fund. The IMF team will be led by IMF Monetary and Capital Market Department Debt Capital Markets Division Chief Peter Breuer and IMF Chief of Operations Masahiro Nozaki and will include several staffers. Both Breuer and Nozaki visited Sri Lanka in June this year as well for consultations with the Government.  The discussions will focus on finalising the SLA as well as provide an update to the IMF on Sri Lanka’s debt restructuring plans. Finance Ministry officials and the economic experts’ committee held several rounds of discussions last week in preparation for the meetings with the IMF delegation. A senior member of the Government told The Sunday Morning that the Government was confident of “reaching an agreement on finalising an IMF Staff-Level Agreement” by the end of the month. The IMF last week stated that it required “adequate assurances” from Sri Lanka’s creditors for a new programme. “Because Sri Lanka’s public debt is assessed as unsustainable, approval by the IMF Executive Board of the Extended Fund Facility programme will require adequate assurances by Sri Lanka’s creditors that debt sustainability will be restored,” the IMF has stated. Restructuring Chinese and Indian debt plays a key role in reaching any form of agreement with the IMF. It is learnt that the Government is also continuing with its discussion with China’s Exim Bank on the issue of restructuring loans obtained from China following China’s decision that the Sri Lankan Government should first hold discussions with the individual financial institutions that had lent money to Sri Lanka before the intervention of the Chinese Government.  The Government is to meanwhile ask Japan to invite Sri Lanka’s main creditor nations, including China and India, to talks on bilateral debt restructuring. India last week maintained that it would extend whatever support required by Sri Lanka at the IMF. “Any help we can give to Sri Lanka at the IMF, that we will naturally do,” Indian External Affairs Minister S. Jaishankar said. Jaishankar stated that India had done its best to assist Sri Lanka. This year alone India had extended $ 3.8 billion of support to Sri Lanka, including credit lines and swap arrangements, he added.

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