The IMF $1.9 billion loan that the Sri Lankan government is seeking is different to the normal stand-by facility of the past, according to Public Administration & Home Affairs Minister Sarath Amunugama.
He told The Sunday Times FT that, “this is not the normal stand-by facility and I don’t anticipate conditionalities that are normally attached to these loans.”
Dr Amunugama, who also is a Deputy Finance Minister and who has represented Sri Lanka at IMF meetings in Washington, said at the last meeting, the Fund called for a new window to help countries facing difficulties over the foreign exchange crisis.
He said Pakistan, Iceland and some East European countries have been affected and provided this facility. Asked why Pakistan was given a IMF facility with stiff conditions, he said there are ‘some issues there’.