Sri Lanka will look to finalise discussions on a potential US $1.5 billion International Monetary Fund (IMF) standby facility reports the SundayTimes.lk.
Speaking to the paper, a source from the first day of talks with the IMF said,
“We hope to wrap up discussions on the subject this week. Friday’s round dealt with preliminaries.”
A delegation of the International Monetary Fund (IMF) arrived in Sri Lanka on Friday.
Sri Lanka hopes to seek a between US $1.5 – 2 billion from the IMF.
The most recent IMF assesment pointed out weaknesses in Sri Lanka's economy, stating that "the government fiscal deficit for 2015 is estimated to have exceeded the original budget target. Based on the budget framework for 2016, the IMF staff estimates suggest the fiscal deficit could widen further."
Sri Lanka's attempt to secure an IMF facility is not a novel move.
In 2009 the IMF approved a 20 month Stand By Arrangement (SBA) of approximately US $2.6 billion as a support to its Balance of Payments.
Sri Lanka pledges to investigate lost financial records amidst IMF concern (29 Mar 2016)
Sri Lanka looks to raise US $5 billion from world lenders (28 Mar 2016)
Sri Lankan govt considers IMF bailout conditions (16 Feb 2016)
IMF loan essential to resolve BOP crisis (15 Feb 2016)
Speaking to the paper, a source from the first day of talks with the IMF said,
“We hope to wrap up discussions on the subject this week. Friday’s round dealt with preliminaries.”
A delegation of the International Monetary Fund (IMF) arrived in Sri Lanka on Friday.
Sri Lanka hopes to seek a between US $1.5 – 2 billion from the IMF.
The most recent IMF assesment pointed out weaknesses in Sri Lanka's economy, stating that "the government fiscal deficit for 2015 is estimated to have exceeded the original budget target. Based on the budget framework for 2016, the IMF staff estimates suggest the fiscal deficit could widen further."
Sri Lanka's attempt to secure an IMF facility is not a novel move.
In 2009 the IMF approved a 20 month Stand By Arrangement (SBA) of approximately US $2.6 billion as a support to its Balance of Payments.
Sri Lanka pledges to investigate lost financial records amidst IMF concern (29 Mar 2016)
Sri Lanka looks to raise US $5 billion from world lenders (28 Mar 2016)
Sri Lankan govt considers IMF bailout conditions (16 Feb 2016)
IMF loan essential to resolve BOP crisis (15 Feb 2016)