Sri Lanka confident of IMF deal in first quarter of 2023

Sri Lanka is confident of securing a deal with the International Monetary Fund (IMF) during the first quarter of 2023.

State Minister of Finance Shehan Semasinghe said that Sri Lanka will be able to stabilise the economy once approval of the IMF Executive Board is received.

He said the Government is confident the approval of the IMF Executive Board for the staff level agreement with Sri Lanka will be received by the first quarter of 2023.

Semasinghe also said that more than the USD 2.9 billion funding to be released by the IMF, what is more important is that Sri Lanka will once again have the confidence of other lenders.

Sri Lanka missed the December deadline set by the IMF to secure board approval for financial assistance.

The Sri Lanka Government is working hard to complete the required process by early next year.

Sri Lanka has already reached a staff level agreement with the IMF and is awaiting board approval for the funds to be disbursed.

The IMF wants Sri Lanka to reach an agreement with its creditors before board approval can be given. (Colombo Gazette)