We set the stage for new Govt to secure next IMF tranche, won’t scuttle it: Shehan Semasinghe

• Says they successfully controlled inflation

By Yohan Perera   

The previous government has set the stage for the present government to secure the fourth tranche from IMF and for a successful third review, former State Minister of Finance Shehan Semasinghe said yesterday.   

“We have been successful in signing agreements with the creditors on debt restructuring and bringing in economic reforms to ensure a successful third review with the IMF and secure the fourth tranche. Therefore, we handed over the government after setting the stage to secure the fourth tranche from the IMF and for a successful third review,” Semasinghe told a media briefing.   

“We have set the stage for Sri Lanka to increase state revenue up to 13 per cent of the GDP. We have also successfully controlled inflation,” Semasinghe added.   

We hope that the present government will continue the exercise accordingly without trying to make any amendments,” Semasinghe said.   

Sri Lanka reached a staff-level agreement with IMF in March 2024 for an Extended Fund Facility (EFF) of US $ 3 billion. Sri Lanka has managed to secure three tranches of it. IMF is expected to announce the date for the third review shortly.   

He said no one should sabotage this exercise. “Any party which tries to sabotage this exercise will be committing a great national crime,” he said. Also, he recalled that the present government did not support the previous government in securing an agreement with IMF and in signing agreements with creditors on debt restructuring.   

 He said assurance given by the present government that it will continue with debt restructuring process and the IMF programme is welcomed.