Sri Lanka Progress talks IMF Bailing Out Details – By Dr Harold Gunathilake

Harold-Gunethilake

Transcript:
Wickremesinghe requested that the staff-level delegation from financial institutions visit Colombo as soon as possible to finalise the staff-level agreement.

Sri Lankan Prime Minister Ranil Wickremesinghe has urged IMF chief Kristalina Georgieva to send a team to Colombo “as soon as possible” so that a staff-level agreement could be finalised as his cash-starved government is seeking to find USD 6 billion to keep the country afloat for the next six months.

During his talks with the IMF Managing Director on Tuesday, Wickremesinghe “requested that the staff-level delegation from the IMF visit Sri Lanka as soon as possible so that the staff-level agreement could be finalised,” online portal news first. Lk reported on Wednesday, quoting a statement issued by the Prime Minister’s Media Division.

The statement said that Georgieva expressed her willingness to support Sri Lanka in these difficult times.

Sri Lankan Delegation Visits Washington, Seeks $4 Billion As Aid From IMF
IMF team to arrive in SL on June 20
An IMF team will arrive in Sri Lanka on June 20 to begin discussions on the staff level agreement; political sources told Daily Mirror a short while ago.

During their visit, the team will discuss with the President and Prime Minister, who is also the finance minister.
Sources said that Prime Minister Wickremesifinalisel is looking to finalise the staff level agreement during the visit. (Jamila Husain)

Officials from the International Monetary Fund (IMF) are scheduled to visit Colombo soon to meet in person and hold discussions to help defuse the country’s economic crisis.

IMF spokesman Gerry Rice said it was planned to do so in the coming weeks. He added that he was expected to engage in policy discussions on the program supported by the International Monetary Fund.

Gerry Rice also stressed that the International Monetary Fund is committed to assisting Sri Lanka in this challenging time in line with the policies of the International Monetary Fund.

He said IMF is closely monitoring the current economic crisis, the debt crisis and the humanitarian impact of the situation in Sri Lanka.

To tide over the turmoil, Sri Lanka will need about $3.3 billion for fuel imports, $900 million for food, $250 million for cooking gas and $600 million more for fertiliser this year, Prime Minister Ranil Wickremesinghe told parliament.

The central bank has estimated the economy will contract by 3.5 per cent in 2022, Wickremesinghe said but added that he was confident growth could return with a robust reform package, debt restructuring and international support. Sri Lanka making important progress- video talk by Gerry Rice That was the report given to the media by IMF spokesman Gerry Rice, IMF Staff Concludes Virtual Mission to Sri Lanka May 26, 2022

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

Washington, DC: An International Monetary Fund (IMF) team led by Mr. Peter Breuer and Mr. Masahiro Nozaki conducted a virtual mission with the Sri Lankan authorities during May 9-24 on an economic program that could be supported by an IMF lending arrangement. The IMF team met with Honorable Prime Minister Ranil Wickremesinghe at the concluding meeting, following technical discussions with the economic team led by Governor Nandalal Weerasinghe of the Central Bank of Sri Lanka and Secretary to the Treasury Mahinda Siriwardana. The team also met with representatives of the private sector, the financial sector, and development partners.

At the conclusion of the mission, the IMF team issued the following statement:

“The IMF team held technical discussions on a comprehensive reform package to restore macroeconomic stability and debt sustainability. The team made good progress in assessing the economic situation and in identifying policy priorities to be taken going forward. The discussions focused on restoring fiscal sustainability while protecting the vulnerable and poor; ensuring the credibility of the monetary policy and exchange rate regimes; preserving financial sector stability, and structural reforms to enhance growth and strengthen governance. We expect that these discussions will help the authorities formulate their reform program.

Julie Chung Ambassador in Sri Lanka

The subject matter discussed was to learn more about the US-SL relationship and how our work with local partners supports the aspirations of the Sri Lankan people. Interview with Indeewari Amuwatte- Colombo-based Broadcaster for Ada Derana Hope this video talk about the dealings with IMF to seek their assistance to bail out the financial crisis in Sri Lanka, was useful.

Let’s meet again for further talks. Stay safe and goodbye for now

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