No request for IMF funding during visit
Posted on December 24th, 2021
Courtesy The Daily Mirror
Sri Lanka had not sought financial support from the International Monetary Fund (IMF) during a just concluded staff team visit to Colombo.
IMF’s mission chief for Sri Lanka, Masahiro Nozaki told Daily Mirror via email that the staff is still ready to discuss the option if requested.
Nozaki said a staff team from the IMF visited Colombo from December 7–20 to conduct the 2021 Article IV consultation with Sri Lanka.
Under Article IV of the IMF’s Articles of Agreement, the IMF holds regular bilateral discussions with all member countries to review economic developments and policies.
Following approval by IMF Management the IMF’s Executive Board discusses a Staff Report based on these discussions, Nozaki said.
The Cabinet had this week discussed an IMF bailout but had not reached a decision if to seek financial support from the global agency.
The Government is, so far, refusing to accept the conditions put forward by the IMF for a bailout package.(Easwaran Rutnam)