Financial Times

IMF team in Colombo to discuss $1.9 bln loan


The $1.9 billion Stand-By Arrangement (SBA) facility sought by the Sri Lanka government from the IMF has now reached an advanced level of finalization with an IMF team currently in Colombo, the Central Bank said on Thursday, reacting – in a statement quickly – after news reports emerged about the US government urging the IMF to delay the loan. “In this regard, the Sri Lankan delegation to the IMF Spring Meetings held several discussions with senior staff of the IMF. Further, a Safeguards Assessment mission from the IMF is now in Colombo having discussions with senior officials of the government and the Central Bank as a part of the process,” it said in a statement.

Reports from Washington quoted US officials, who spoke on condition they not be named, as saying the Barrack Obama administration last week conveyed its view to other members of the IMF board, which has yet to formally consider the loan.

U.S. officials say the government has done too little to protect the civilians in the war zone.

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