IMF team visits Sri Lanka today for economic discussions

An International Monetary Fund (IMF) team led by Krishna Srinivasan, the Director for the Asia Pacific Department, will visit Colombo, Sri Lanka, from October 2 to 4, 2024, according to an IMF spokesperson.

The delegation will meet with Sri Lankan President Anura Kumara Dissanayake and the new economic team to discuss recent economic developments and reforms under the IMF-supported economic program.

The spokesperson mentioned that the team will provide updates after their visit.

On October 1, 2024, the new Cabinet Spokesperson, Vijitha Herath, stated that the Sri Lankan government plans to review the IMF-supported program.

By the end of the month, the Governor of the Central Bank, the Finance Secretary, and the President’s Senior Economic Affairs and Finance consultants will travel to New York to discuss structural aspects of the program with the IMF.

Minister Vijitha Herath clarified that, contrary to previous statements by the former government, no final agreement has been made with the International Sovereign Bondholders.

While talks had progressed significantly, a conclusive agreement has not yet been reached. A final decision is expected during the upcoming meetings at the IMF headquarters.

The Minister reiterated the government’s ongoing criticism of how domestic debt restructuring has been handled and confirmed that this issue will be a major topic in future discussions.

The government will also request necessary reports from the Justice Ministry to ensure the legal framework supports this process.