IMF planning to send in-person mission to Lanka - Spokesperson | Daily News

IMF planning to send in-person mission to Lanka - Spokesperson

The International Monetary Fund (IMF) is planning an in-person mission in the coming weeks to Sri Lanka, which is facing a very difficult economic condition, for discussions on a financial arrangement, its spokesman has said but emphasised that country needs to take steps to restore debt sustainability before the global lender can move on a financing programme.

International Monetary Fund Spokesperson Gerry Rice said the global financial body was committed to support Sri Lanka at this difficult time, in line with the IMF policies.

Clearly Sri Lanka is facing a very difficult economic condition and severe balance of payments problems. We are deeply concerned about the impact of the ongoing crisis, particularly the humanitarian concern, that is the impact on people, IMF Spokesperson Gerry Rice told a briefing on Thursday.

Rice said the IMF is monitoring Sri Lanka’s situation closely and the IMF is planning an in-person mission to Colombo in the coming weeks to engage in policy discussions on the programme, building on the technical discussions that already took place in May.

Rice said the timing of a staff-level agreement will depend in part on the strength of the policies that the authorities would propose and would commit to.

The spokesman emphasised that since Sri Lanka’s debt was assessed as unsustainable, board approval for any programme would require adequate assurances that authorities would take measures to restore debt sustainability before a financial arrangement can be considered.

He emphasised that a staff-level agreement would go to the IMF board for approval to make the final decision.


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