Technical discussions with the International Monetary Fund (IMF) loan program to alleviate the economic crisis in Sri Lanka are due to end on May 24.
International Monetary Fund spokesman Gary Rice told a news conference that the talks are expected to end by then.
He also said that he is closely monitoring the economic development and political situation in the country and is committed to assisting Sri Lanka in line with the policies of the International Monetary Fund.
Gary Rice added that discussions are underway with stakeholders to resolve the crisis facing the country in a timely manner.
Meanwhile, the financial leaders of the G7, the group of seven with economic powers, said in a draft statement issued at a meeting in Germany yesterday that they would support the efforts of providing debt relief to Sri Lanka.
They have taken this decision at a time when Sri Lanka has defaulted on its sovereign debt.
The G7 countries said in their statement that Sri Lanka is committed to finding long-term solutions and better to negotiate with the International Monetary Fund for a potential loan program.
Meanwhile, Moody’s Investment Services has upgraded Sri Lanka’s credit rating to CA-stable, despite default on sovereign bond payments.
That was after the 30-day grace period for the settlement of sovereign bonds expired on May 18.
Moody’s issues a CA rating when a country’s debt repayment potential is between 35 and 65 percent.
However, Moody’s said they are concerned about the country’s foreign exchange reserves that are currently in a negative level.
