Bhathiya Barukanda
Former president Ranil Wickremesinghe-led government was negotiating with the IMF for the release of the fourth tranche of the $2.9 billion facility
A high-level team of the International Monetary Fund will arrive in Sri Lanka on Wednesday (October 2, 2024) to meet the new government headed by President Anura Kumara Dissanayake and discuss the latest economic reforms supported by the global lender.
The delegation is set to meet President Anura Kumara Dissanayake and the new economic team to discuss latest economic developments under Sri Lanka’s economic program supported by the IMF.
The new Cabinet spokesperson Minister Vijitha Herath announced the need to revisit the IMF-supported program yesterday (1).
By the end of this month, the Governor of the Central Bank, the Finance Secretary, and the President’s Senior Economic Affairs and Finance consultants are scheduled to travel to New York to discuss the structural aspects of the program with the IMF.
Minister Vijitha Herath clarified that, contrary to previous claims by the former government, no final agreement has been reached with the International Sovereign Bondholders. Although the talks had advanced to the final stages, a conclusive agreement was not achieved. The final decision on this matter is expected to be made during the upcoming meetings at the IMF headquarters.
The Minister reiterated the government’s consistent criticism of the method of restructuring domestic debt, a position they continue to uphold. This issue will be a key point in future discussions. The government will also seek necessary reports from the Justice Ministry to ensure the legal framework supports this process.
