IMF says technical level discussions with Sri Lanka will continue

The International Monetary Fund (IMF) says technical level discussions with Sri Lanka have commenced and will continue in order to prepare for policy discussions once a new Government has been formed.

The IMF said that it remains committed to assist Sri Lanka in line with the IMF’s policies.

“On our virtual mission during May 9-23, discussions at the technical level have just started and continue as planned so as to be fully prepared for policy discussions once a new government has been formed,” the IMF said in a statement.

The IMF also said that it is following developments in Sri Lanka closely and is concerned about rising social tensions and violence.

In the month of April,  the two sides convened their first round of talks at the IMF headquarters in Washington, DC. Sri Lanka is hoping for a Rapid Finance Instrument (RFI) facility as well as a larger Extended Fund Facility (EFF) from the international financial body to help it deal with its foreign currency shortages, which have triggered an economic crisis.

In the last meeting, the IMF assured to help the country with an amount of $300 million to $600 million.

According to the IMF, the island nation will receive the said amount from the World Bank over the course of the next four months. (Colombo Gazette)