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IMF to visit Sri Lanka next month for talks

Officials from the International Monetary Fund (IMF) are to visit Sri Lanka next month in view of talks to resume its program. 

“We agreed that a strong policy mix, with effective implementation of that agenda, is key to strengthening confidence, while putting Sri Lanka on a sustainable, high-quality growth path that would benefit its people," the IMF managing director, Christine Lagarde said in a statement following a meeting with Sri Lanka's finance minister, Mangala Samaraweera in Washington. 

"The IMF remains ready to support the Sri Lankan authorities in these endeavors and an IMF team is scheduled to visit Colombo in mid-February to resume program discussions."

Sri Lanka's minister of economic reform, Harsha De Silva said today Samaraweera also had talks with the Millennium Challenge Corporation's chief executive, Jonathan Nash, in view of resuming the grant which was halted following the political crisis. 

Samaraweera travelled to Washingon with the country's Central Bank Governor Dr Indrajit Coomaraswamy and the Treasury Secretary, R H S Samaratunga, in view of resuming talks on the next stage of the External Fund Facility (EFF). 

The IMD disbursed US $1 billion of the $ 1.5 billion three year EFF loan that was agreed in 2016. 

Coomaraswamy said last week, Colombo may look to extend a loan agreement. 

"There is a provision for the Extended Fund Facility (EFF) to be extended by a year," said Indrajit Coomaraswamy. "The government could negotiate if it wants to."