IMF to consider Sri Lanka’s request to extend fund facility until 2020

Washington, DC: The International Monetary Fund (IMF) says it will consider a request made by Sri Lanka to extend the fund facility until 2020.

IMF Director of the Communications Department Gerry Rice at the Press Briefing on Thursday expressing condolences to the Sri Lankan authorities and the people affected by the Easter Sunday bomb attacks, said IMF program with Sri Lanka is ongoing.

“We are deeply saddened by the horrific attacks in Sri Lanka and we have offered our condolences to the authorities and to the people who have been so badly affected there,” Rice said. Responding to a question on whether there are any plans for debt relief for Sri Lanka given the aftermath of the terrorist attacks, the IMF official said the executive board will consider the request from the Sri Lankan authorities to complete the Fifth Review of Sri Lanka’s Extended Fund Facility.

“On the substance of IMF help, we have a program there with Sri Lanka that is ongoing and indeed next week, our executive board will consider the request from the authorities to complete the review of the 5th review under our program,” he said. “And indeed, and I think this is the important issue, to extend that program by one additional year which would mean until June 2020,” Rice added.

He said if the Executive Board approves the extension after review and discussions it will provide additional time to the authorities to anchor macroeconomic stability and complete their reform agenda. Outstanding access of about $500 million under the arrangement will be rephrased evenly in three tranches over three semiannual reviews under that extension, the official said.

(Government News Portal)