{"id":129248,"date":"2022-10-15T15:34:52","date_gmt":"2022-10-15T22:34:52","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=129248"},"modified":"2022-10-15T15:34:52","modified_gmt":"2022-10-15T22:34:52","slug":"sri-lanka-will-remain-as-a-middle-income-country-imf","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2022\/10\/15\/sri-lanka-will-remain-as-a-middle-income-country-imf\/","title":{"rendered":"Sri Lanka will remain as a middle income country – IMF"},"content":{"rendered":"

Hiru News<\/em><\/span><\/h2>\n\n\n

The IMF says Sri Lanka is a middle income country and remains a middle income country even with the decline in GDP that is seen. The Extended Fund Facility is not a concessional. Its a regular IMF facility.<\/p>\n\n\n\n

Speaking during the IMF press conference on the Asia and Pacific Region&rsquo;s Economic Outlook, Deputy Director Anne-Marie Gulde said Sri Lanka remains a middle-income country even with the decline in the Gross domestic product in the past few months.<\/p>\n\n\n\n

She noted that Sri Lanka is facing a very severe economic crisis and they are very concerned about what&rsquo;s going on in Sri Lanka.<\/p>\n\n\n\n

Anne-Marie Gulde noted that they are keen to work very fast to end the suffering of Sri Lankans, especially the suffering of the poor and vulnerable.<\/p>\n\n\n\n

The IMF Deputy Director of the Asia and Pacific Department said they have reached a staff level agreement on a four-year Extended Fund Facility program on the 1st of September and noted that the initial disbursement of the program will come after the board approval.<\/p>\n\n\n\n

She said since Sri Lanka&rsquo;s debt is assessed as unsustainable at this stage, the IMF is seeking financing assurances from official bilateral creditors and on private sector debt.<\/p>\n\n\n\n

Anne-Marie Gulde confirmed that Sri Lanka is currently working with their legal and financial advisors on the debt element.<\/p>\n\n\n\n

>She said she cannot predict a timeline on the disbursement of funds since the process of debt negotiations could vary depending on the creditor and other elements.<\/p>\n\n\n\n

Deputy Director Anne-Marie Gulde said “And we hope that everybody can work expeditiously to get a process underway, and discussions are have been starting, including with support of all bilateral creditors that are involved.<\/p>\n\n\n\n

She added they are working very closely with the World Bank, the Asian Development Bank, the Asian Investment Bank, on programs for Sri Lanka.<\/p>\n\n\n\n

The IMF Deputy Director of the Asia and Pacific Department said those programs would help for closing the financing gap. But I want to say also very importantly that the policies under the other multilateral lenders in their areas of expertise will be important to resolve Sri Lanka&rsquo;s longer term growth problems<\/p>\n","protected":false},"excerpt":{"rendered":"

Hiru News The IMF says Sri Lanka is a middle income country and remains a middle income country even with the decline in GDP that is seen. The Extended Fund Facility is not a concessional. Its a regular IMF facility. Speaking during the IMF press conference on the Asia and Pacific Region&rsquo;s Economic Outlook, Deputy […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[193],"tags":[],"class_list":["post-129248","post","type-post","status-publish","format-standard","hentry","category-imf-bailout-package"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/129248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=129248"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/129248\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=129248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=129248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=129248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}