IMF review for Sri Lanka delayed

28 October 2024 12:31 am Views - {{hitsCtrl.values.hits}} 8 Bookmark

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Central Bank Governor says uncertain on the timeline

Dr. Nandalal Weerasinghe

The next review of the International Monetary Fund (IMF) will be delayed, the Central Bank confirmed on Friday.

As reported by Reuters, Central Bank Governor Dr. Nandalal Weerasinghe while acknowledging the delay, did not give a timeline on when it would happen. It is unclear if the review will take place before the end of 2024.

The fund said earlier this month after a visit to Colombo that it would continue to engage with Sri Lanka’s economic team to set a date for the third review.

Meanwhile, the Sri Lanka delegation that is in Washington DC had met with bondholders to discuss a debt exchange.

Dr. Weerasinghe shared that the talks, which happened on the sidelines of the IMF/World Bank meetings in Washington, aim to quickly get Sri Lanka “out of the default category.”

Citibank has been appointed as the dealer manager to oversee a consent solicitation, a key step in Sri Lanka’s path out of default.

The island nation, which experienced its first-ever default in 2022 amid an economic crisis, reached a draft agreement with creditors in September to restructure US$ 12.5 billion in international bonds. Earlier this month, the International Monetary Fund and official bilateral creditors backed the proposal.

Comments - 8

Yoga Monday, 28 October 2024 07:25 AM

Beginning of the rise of the dollar and cost of living.

3 9

Sam Silva Monday, 28 October 2024 07:52 AM

The new government should use all the resources to accomplish the imf loan The other matters are not the priority at this moment.

1 8

Gunapala Monday, 28 October 2024 08:09 AM

Now government can bring back the stolen money back from Uganda, Dubai etc as promised before the General Election.

3 16

Gunapala Monday, 28 October 2024 08:09 AM

Now government can bring back the stolen money back from Uganda, Dubai etc as promised before the General Election.

2 8

Yohan Monday, 28 October 2024 10:46 AM

Why Anura does not have his own team for economic matters. He needs to have his own CB governor not someone close to Rajapakshas and RW. Who knows if this guy running a cunning game. Lol

14 6

SLEx Monday, 28 October 2024 03:10 PM

No one needs their own CB Governor. We need a CB Governor that improves the economy, not plays games according to who is in power. Just so you know, the previous govt had to beg him to come back because he didn't want to do politics. You vote NPP saying they will not make political appointments and here you are asking for the same thing. Our people really have no long term memory. The reason for this delay is due to elections. Until then nothing can be done, regardless of who is sitting in the CB Governors seat.

1 4

Citizen2023 Monday, 28 October 2024 02:49 PM

Anura should talk to Sajith and seek assistance of the SJB team especially Harsha, Eran and Kabir to jointly work with his party finance team to handle issues with IMF. Can include CB Governor as well. This is not to undermine NPP team but considering the experience ppl of other parties, more brains coming together can negotiate with IMF for a speedy deal to obtain the next instalment grant as per the agreement. This is an urgent need to run the country.

0 3

Jk Monday, 28 October 2024 03:41 PM

This Governor is an overhyped guy. Bring in a young person with fresh eyes and mind to speed up.

4 0

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