Ceylon Chamber requests China’s financing assurances to unlock IMF funding

• Urges IMF to initiate approval process considering assurances received thus far 

While acknowledging and appreciating the financing assurances provided by Sri Lanka’s creditors thus far towards achieving International Monetary Fund (IMF) Executive Board approval for the envisaged bailout package, the Ceylon Chamber of Commerce said it was looking forward to similar assurances from China.

The Chamber also urged the IMF to consider the assurances received thus far and initiate the approval process, as continual delays will place Sri Lanka in an extremely vulnerable social and economic position. 

“We look forward to similar assurances from other commercial and bilateral creditors including China, in line with IMF requirements that will result in a swift approval of the IMF programme,” a Ceylon Chamber statement said.
“The Chamber appreciates the support given by China in the economic development of Sri Lanka and requests to work with IMF in order for Sri Lanka to receive its much-needed funding as a key bilateral creditor,” it added. 
The Chamber said the local business community highly appreciatess the timely financing assurances provided by India, Paris Club creditors such as India, Paris Club members including members such as Japan, U.S. and UK, and non-members such as Hungary.

“We are also encouraged by the assurances provided by international bondholders to engage with Sri Lanka towards restoring debt sustainability,” the statement said.
The Chamber pointed out that securing of the envisaged IMF programme will be a crucial first step in Sri Lanka’s debt restructuring efforts which will reduce the present economic uncertainty.