Next IMF tranche by June, reserves comfortable by year end: Ravi

Apr 27, 2017 (LBO) - Sri Lanka's Finance Minister said he was optimistic about talks on reaching a staff level agreement with the International Monetary Fund for the next phase, and that the next tranche would be released by June. "I think the tranche that was due April will come by June, there were some technical difficulties like the modernization of the inland revenue act," Ravi Karunanayake, Finance Minister said, adding that an IMF team is in Colombo for talks. "Though there were some differences in opinion - both sides are expected to meet halfway." We are not interested in the petty cash they (IMF) give, we want investments, he added. Minister Karunanayake also said that the island is looking at double digit foreign reserves by the end of the year. "With the planned sovereign bond issue proceeds, a syndicated loan and the Hambantota port deal we are looking at foreign reserves reaching 10 billion dollars by the end of the year." "This will be a very comfortable level for us." He also reveled that the sovereign bond will have seven lead managers: Standard Chartered, Citicorp, HSBC, Deutsche, Morgan Stanley, and a Chinese bank and a lender.