Sri Lanka's Central Bank Governor says that they have almost completed all the required targets to reach a staff-level agreement with the IMF mission due in Sri Lanka at the end of this month.
"IMF mission is planning to come here towards the end of the month with an intention to reach the staff level agreement on the policy package. I think we have almost completed almost all the targets or policies; so we are hopeful that we are able to reach the staff level agreement," Governor Nandalal Weerasinghe told reporters.
"Once we reach the staff level agreement, we have to start approaching the creditors on debt restructuring with our advisors."
IMF Staff Statement on Sri Lanka
August 19, 2022Washington, DC: IMF staff plans to visit Colombo during August 24-31 to continue discussions with the Sri Lankan authorities on economic and financial reforms and policies. The objective is to make progress towards reaching a staff-level agreement on a prospective IMF Extended Fund Facility (EFF) arrangement in the near term. Because Sri Lanka’s public debt is assessed as unsustainable, approval by the IMF Executive Board of the EFF program would require adequate assurances by Sri Lanka’s creditors that debt sustainability will be restored. IMF staff would also continue the engagement with other stakeholders during the visit. The team will be led by Mr. Peter Breuer and Mr. Masahiro Nozaki.