A top delegation of the International Monetary Fund (IMF) will visit Colombo next week for official level discussions with the Sri Lankan government to finalize the relief package.
A top delegation of the International Monetary Fund (IMF) will visit Colombo next week. (Representational Image)
A top delegation of the International Monetary Fund (IMF) will visit Colombo next week for official level discussions with the Sri Lankan government to finalize the relief package. Giving information about the tour program in a press release, the IMF said that it Sri Lanka While giving the relief package to the lenders, it needs proper assurance that the credit stability will be restored.
Great crisis in Sri Lanka
Sri Lanka is going through an unprecedented economic crisis, due to which there has been a severe shortage of fuel and other essential materials. To overcome this crisis, the Sri Lankan government is demanding a relief package from the IMF. The IMF said in its press release that officials of the Monetary Fund will visit Colombo on August 24-31, where they will discuss economic and financial reforms and policies with Sri Lankan officials.
According to this press release, in the near future regarding the relief package, the officials want to move towards a level agreement. We seek sufficient assurance from Sri Lankan lenders that debt stability will be restored in order to obtain Executive Board approval on the economic assistance program as Sri Lanka’s government debt becomes unviable.
Talks about the package started in May
The Sri Lankan government’s talks with the IMF regarding the economic assistance program started in May. But in June, it was disrupted due to an atmosphere of political instability within the country. However, since July, there has been a lot of peace in Sri Lanka.
Meanwhile, Sri Lankan Central Bank Governor Nandlal Weerasinghe has expressed hope that an official-level agreement will be reached between the two sides during the proposed visit of the IMF team.
Earlier, Sri Lanka’s President Ranil Wickremesinghe, who is facing a serious economic crisis, had expressed such apprehension that the country may have to face this difficult period for a year. Wickremesinghe had said in a conference that to revive the troubled economy, one has to think differently and focus on new areas like logistics and nuclear energy.
(with language input)