IMF deeply concerned about SL

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The International Monetary Fund (IMF) is deeply concerned about the ongoing crisis, its impact on the Sri Lankan people and particularly the poor and the vulnerable groups in Sri Lanka.

Addressing the weekly IMF press briefing, IMF Director of Communications Gerry Rice said, “We hope for a resolution of the current situation that would allow for our resumption of a dialogue on an IMF supported programme.”

“You may recall that in June, less than a month ago, things were moving so fast, and there was an IMF staff team in Colombo and we did have discussions, actually, constructive discussions with the authorities on a set of economic policies and reforms that could be supported potentially by an IMF programme,” he said. “We don’t have a programme with Sri Lanka right now. But we were discussing what could be a programme,” he said.

“The political and the social emergency interrupted those discussions and we hope to resume as soon as possible,” he said.

“The high-level discussions with the authorities that we would need to begin on a programme and we hope that these would be able to resume as soon as possible,” he said

“An important part of those discussions is the debt situation. Sri Lanka’s public debt is assessed as unsustainable and as is the case with every IMF programme, not just the case of Sri Lanka, for approval by the Board, he said.

“For approval by the Board, a programme would require adequate assurances on debt sustainability,” he said.

By Mario Andree