Govt delegation to start negotiations with IMF in USA

Sri Lanka, Jan. 14 — A Sri Lankan delegation led by Minister of Finance and Mass Media Mangala Samaraweera arrived in Washington. This is to carry talks on getting the IMF External Fund Facility (EFF) again on observe and point out the government’s intention to proceed with the IMF reform program.

“A key goal will probably be to barter the trajectory of continued fiscal consolidation whereas accommodating insurance policies to help development and strengthen the social security internet,” a Finance Ministry assertion mentioned.

The team consists of Governor Central Bank Dr. Indrajit Coomaraswarmy, Non-Cabinet Minister Dr. Harsha de Silva and Treasury Secretary Dr. R. H. S. Samaratunga.

The team will meet IMF Managing Director, Christine Lagarde, Deputy Managing Director, Mitsuhiro Furusawa, Director, Asia Pacific Department, Chanyong Rhee, Team Leader Manuel Goretti and different members of the IMF Sri Lanka Team.

Sri Lanka had just accomplished talks with the IMF on getting the following tranche of its mortgage in October 2018 when a political disaster triggered by sacking the Prime Minister interrupted the method.

IMF Logo is seen at the International Montary Fund (IMF) headquarters in Washington, United States

© Samuel Corum/Anadolu Agency/Getty Images
IMF Logo is seen on the International Montary Fund (IMF) headquarters in Washington, United States

The government is eager to boost US$ 1.9 billion from the worldwide cash markets.

Meanwhile Deputy Minister of National Policies and Economic Affairs, Dr. Harsha de Silva in his twitter message has indicated that that they’re planning to debate Sri Lanka’s prolonged fund facility (EFF). Dr De Silva mentioned that Sri Lanka has lost practically US$ One billion reserves because of the current political disaster.

The IMF placed on maintain this system discussions on the fifth evaluation of the Extended Fund Facility through the 52 day political disaster which started final October.

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Sri Lanka’s three-year prolonged association was accredited on June 3, 2016, within the amount of about US$ 1.5 billion and with the most recent tranche disbursed in June 2018, the IMF has disbursed about US$ 1.014 billion.

After completion of the fifth evaluation Sri Lanka is expected to obtain a sixth tranche of about $250 million. The whole mortgage was expected to have been disbursed with a seventh tranche by mid-2019.

Published by HT Digital Content Services with permission from Daily News Sri Lanka.

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