Substantial progress made during IMF talks - Finance Ministry

The Ministry of Finance, in an update on the discussion with the International Monetary Fund (IMF), said Sri Lankan authorities have substantial progress has been made during the talks on the fiscal, monetary and structural reforms necessary to stabilize the country’s economy.

In its statement, the ministry stated that Sri Lankan authorities have engaged in discussions with the IMF with a view to entering an Extended Financing Facility (EFF) to support Sri Lanka’s macroeconomic reform programme.

“However, with the formation of the new government, technical discussion with Sri Lankan authorities and the IMF have now resumed with a view to finalizing the few remaining policy matters that need to be agreed upon prior to reaching an SLA.

According to the statement, the advisors have made considerable progress in the analytical framework for the debt operation, prior to formal engagements with the Sri Lanka’s creditors.