Sri Lanka is to request a further US$500 million after the completion of the Standby Arrangement (SBA) of US$2.6 billion next month, the International Monetary Cooperation Senior Minister, Sarath Amunugama, revealed on Wednesday.
Amunugama said,
“This will be an important policy support for the government as it faces some critical issues like rising prices in fuel and other commodities in the global market,”
“The SBA with the IMF will end with the release of the final tranche of some US$ 500 million. The IMF programme with Sri Lanka for the release of US$2.6 billion has been judged to be a confidence booster on Sri Lanka by the global lending agencies.”
He also asserted,
“What is most important is that Sri Lanka has never defaulted on its repayment obligations and is reputed to be a country that fulfills it loan agreements with international donor agencies,”
Meanwhile the UNP MP Eran Wickremaratne criticised the move, forewarning further economic decline:
“It is not surprising that the government is requesting for another loan. The government’s policy is very much IMF driven. The Central Bank always paints a pretty picture but the reality is that the situation in the country is further deteriorating,”
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