Georgieva pleased with deal reached to support Sri Lanka | Daily News

Georgieva pleased with deal reached to support Sri Lanka

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that she was pleased with the deal reached to support Sri Lanka. “Very pleased that IMF staff and Sri Lankan Government officials have reached a staff-level agreement to support the country’s economic policies with a 48-month Extended Fund Facility of about US$ 2.9 billion. This is an important step forward for Sri Lanka,” she tweeted.

An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki visited Colombo from August 24 to September 1 for discussions on IMF support for Sri Lanka and the authorities’ comprehensive economic reform programme.

“The new EFF arrangement will support Sri Lanka’s program to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, reducing corruption vulnerabilities and unlocking Sri Lanka’s growth potential. The agreement is subject to the approval by the IMF management and the Executive Board in the period ahead, contingent on the implementation by the authorities of prior actions, and on receiving financing assurances from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors. Debt relief from Sri Lanka’s creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps,” the IMF stated in its End-of-Mission press release issued on September 1. 

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