Dates for third review under EFF to be announced in due course: IMF

4 October 2024 02:13 pm Views - {{hitsCtrl.values.hits}} 7 Bookmark

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Colombo, October 04 (Daily Mirror)- The International Monetary Fund (IMF) said that the dates for the third review under the Extended Fund Facility (EFF) will be announced in due course.

Addressing the IMF media briefing, Director of the IMF Communications Department Julie Kozack said a high-level team led by IMF Director of the Asia Pacific Department, Krishna Srinivasan, is currently visiting Colombo to meet with President Dissanayake and his new economic team and that the delegation is discussing with the authorities the latest economic developments and their economic reform objective.

"Dates for the Third Review under the EFF will be announced in due course and this delegation will communicate when their visit concludes," she said.

Ms. Kozack said that the programme performance is strong, and reform efforts are bearing fruit in terms of reviving economic growth, lowering inflation, boosting reserves and improving revenue mobilization.

"The IMF Executive Board completed the 2024 Article IV Consultation, and the Second Review under the EFF programme with Sri Lanka, providing the country with immediate access to about USD 336 million to support its economic policies and reforms. Programme performance is strong, and reform efforts are bearing fruit in terms of reviving economic growth, lowering inflation, boosting reserves and improving revenue mobilisation. However, as we have said before, important vulnerabilities and uncertainties do remain, and this means that sustaining reform momentum is critical," she added.

Commenting on the bondholders, she said Sri Lanka and the international bondholder representatives reached an agreement in principle subject to confirmation of comparability of treatment by Sri Lanka's Official Creditor Committee on September 18, and this does represent some significant progress in Sri Lanka's debt restructuring process.

Comments - 7

Rathnavali Friday, 04 October 2024 02:28 PM

Thank you for your efforts Mr. Wickramasinghe. We know it was a tough decision agreeing to austerity measures and you had the conviction that when the country comes out of the debt burden with the performance of the economy, relief can be given to people going through hardships. But the socialist slogans, aligning you with Rajapakshas and mud slinging from your opponents who were like vultures waiting to grab power pre-election was too much. You left honourably. We hope the new regime will continue with RW's reforms even though people are waiting for immediate reliefs AKD promised over and over again during the election campaign.

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Sam Silva Friday, 04 October 2024 05:33 PM

Well written context.

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Hasanka Friday, 04 October 2024 08:21 PM

Did you how they reduced the price of some essential products? Just by removing bribes and some special taxes for specific group in the government idk why ranil didnt do that

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HERO OF OUR TIMES Friday, 04 October 2024 08:26 PM

You nailed it. RW took the most crucial steps to restore the economy, which was the need of the hour. Running around catching rogues would have been a futile effort, as this process is easier said than done. For every corrupt individual caught, there are many more behind them, and no one comes with a clean record, including those in government. Corruption is a global issue, and respective governments should have proper mechanisms for transparency and accountability. Unfortunately, people often reject RW despite his valuable, unmatched insights; we haven't seen anyone better. Time will tell how this government will do, especially as those who played disruptive politics are now trending down the same path taken by RW. This only goes to show that RW is a genius and a true statesman

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ratawenuwen Saturday, 05 October 2024 12:54 AM

He doesn't have a proper plan. Just come to power and stay that's it. People boast on him. He was the main reason for the bankruptcy. What did he do with 12.5 USD billion taken for high interest rate???? These political infants still think him as a visionary leader is the biggest joke. You better don't talk if you don't know, for you who is short sighted feel luxury when you get back gas cylinder, fuel. But the issue in Sri Lanka is not that. How many corrupt mininsters were with him. One company fled the country just because a minister asked bribe, he was removed from office by Gota and then reinstated by RW. Then now when Japan tries to resume its project these short sighted people think its because RW. They wanted to resume under non corrupt ruler, they don't want to wait years to resume, when AKD took office, they started, but u think it was RW. Rememeber that company ran away during RW and GOTA

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W.B. Tonic P Saturday, 05 October 2024 09:11 AM

MR-RW conspiracies ruined this country, economy and democracy. What credit they deserve after they trapped the economy in IMF mechanism? Many of these patriotic politicians and economic gurus and pundits will go behind bars if there is a transparent investigation. New govt. also have nothing to boast about following the IMF as their ideology was always against it and sabotaged everything over decades using their trade forces with cheap eggs in stomoch. When you destroy the democratic party system, you get not the majority head of that state as the people of that country don't deserve it.

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Channa M. Saturday, 05 October 2024 07:22 AM

We thank the persons who first put us into this situation for then working out a solution!! Why do we as a people fail to see this. If the money lost due to corruption (bribes and sustained excessive lifestyle expenses) and orchestrated scams (bond scam, sugar import scam, etc. ) Sri Lanka wouldn’t have fallen into this financial crisis. How naive should the people be to refuse to see this and to see the perpetrators as saviors!!

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