AMN
The Executive Board of the International Monetary Fund has approved Sri Lanka’s bailout program under an Extended Fund Facility. IMF has said the first tranche of the loan will be released in the next couple of days. Sri Lanka will immediately receive an initial disbursement of 333 million US Dollars. The extended fund facility of 3 billion dollars will be available through tranches over a 4 year period.
In a virtual press conference, the IMF said Sri Lanka must present a debt restructuring strategy by the end of April to reach the IMF targets to achieve debt sustainability. The strategy will require uniform debt treatment with all creditors and talks in this direction will be key area of focus.
By June this year, a plan is expected from authorities to gradually eliminate the existing import and exchange restrictions. The global lender added that it did not interfere in the Local Government election processes and had never recommended postponing those elections in Sri Lanka.