News

IMF staff-level agreement in June, top Indian and US officials to visit SL

  • Officials from Indian Govt today, US Treasury Department next week
  • PM says IMF the only option as India too has limits

A staff-level agreement is expected to be finalised with the International Monetary Fund (IMF) delegation by the end of June, while officials from the Government of India are due to arrive in Colombo today (23), and a delegation from the US Department of Treasury is due to arrive on 27 June to discuss the current crisis and future assistance to Sri Lanka.

These announcements were made by Prime Minister Ranil Wickremesinghe while delivering a special statement in Parliament yesterday (22), noting that Sri Lanka has already obtained $ 4 Billion via the Indian Credit Line and has requested for more assistance.

“The framework for Sri Lanka’s debt restructuring is to be finalised by end-July, after discussions with financial and legal advisory firms Lazard and Clifford Chance. We cannot be requesting India for more assistance, as they have done a lot already and they too have limits. We now have to focus on how to pay them back. The only way forward now is to depend on the assistance from the International Monetary Fund (IMF),” he said.