US calls on Sri Lanka to conclude debt restructuring agreements
The United States has called on Sri Lanka to conclude debt restructuring agreements to ensure the IMF program and the economy stay on track.
The US Ambassador to Sri Lanka Julie Chung welcomed the approval of Sri Lanka’s IMF package saying it was great news and an important step on the road towards economic recovery.
“The govt of SL will need to continue reforms and conclude debt restructuring agreements to ensure the program – and the economy – stay on track. Structural & lasting reforms that address good governance & transparency are critical to ensure all citizens of SL can prosper,” the Ambassador said in a tweet.
The Executive Board of the International Monetary Fund (IMF) yesterday (Monday) approved a bailout package for Sri Lanka.
The Executive Board of the IMF approved a 48 month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).
The EFF-supported program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential. (Colombo Gazette)