IMF stresses need for achieving economic reform programme objectives
Sri Lanka has to take the next critical step towards finalising the agreements with the official creditors and reach agreements in principle with the main external private creditors in line with programme parameters in a timely manner, IMF Senior Mission Chief for Sri Lanka, Peter Breuer said.
Agreement in principle was reached between Sri Lanka and the official creditors, both the official creditor committee and also the China Ex-Im Bank late last year. It is now important that these agreements in principle need to be converted into an actual agreement, or into a memorandum of understanding.
He told journalists at a media conference in Colombo that the staff-level agreement on extended fund facility programme is subject to the approval of IMF management and the IMF Executive Board in the period ahead.
“Everyone has a responsibility to prevent going back to a vicious cycle as the country is at a knife’s edge. So we are willing to listen to alternative suggestions of how the programme objectives can be reached, and these must be realistic and achievable within the time frame of the programme,” he added.
Completion of the review by the IMF Executive Board requires one, the implementation by the authorities of prior actions and two, the completion of financing assurances, confirming multilateral partners financing contributions, and assessing adequate progress with the debt restructuring, he disclosed.
Upon completion of the Executive Board review, Sri Lanka is to receive around US $330 million, bringing the total IMF financial support under the programme under the arrangement to approximately $1 billion after three disbursements
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