IMF staff statement on Sri Lanka

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The International Monetary Fund (IMF) has released a statement regarding their upcoming visit to the crisis-struck Sri Lanka.

An IMF delegation is scheduled to visit Colombo during 24 -31 August to continue discussions with 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,” the statement reads.

IMF staff would also continue the engagement with other stakeholders during the visit. The team will be led by Peter Breuer and Masahiro Nozaki.