IMF delegation to arrive in Sri Lanka on Thursday

Sri Lanka
By Editor_1

COLOMBO – An International Monetary Fund (IMF) staff team will arrive in Sri Lanka on Thursday (11), a statement from the global lender said as the crisis-hit country prepares for the first review of a loan program in September.

The delegation will visit Sri Lanka during May 11-23 as part of regular consultations ahead of the first review mission later this year, the IMF said in a statement.

Krishna Srinivasan, Director of the Asia and Pacific Department, will join the May 12-15 visit and a press briefing will be held on Monday (15), it said.

Sri Lanka is struggling with its worst financial crisis in over seven decades triggered by a severe shortage of foreign exchange.

The island finalized a nearly $3 billion IMF program in March.

Meanwhile, in a related development, the Paris Club said in a statement that Sri Lankan authorities on Tuesday (9) formally presented a request for debt treatment in the first meeting of the official bilateral creditors committee.

The committee, co-chaired by India, Japan and France, consists of 17 members and includes Paris Club creditors as well as other official bilateral creditors.

Paris Club members with no claims on Sri Lanka as well as China, Saudi Arabia and Iran were observers to the meeting, according to the statement.

-Reuters

Editor_1
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