According to the Fund, the policy agreement reached by Sri Lanka with the creditor countries regarding the restructuring of the country’s debt will help to conclude the first review of the International Monetary Fund.
The IMF is due to conclude the first review next month.
Yesterday, the Official Creditors Committee (OCC) announced that it has reached an agreement with Sri Lanka to extend the deadlines for debt relief and debt repayment in relation to debt restructuring. The related agreement is to be signed in the near future.
The International Monetary Fund has reached this agreement about a month after Sri Lanka’s agreement with the Export-Import Bank of China to restructure the debt of 4.2 billion US dollars.
After the completion of this review, funds of about 334 million US dollars, i.e. the second installment of the financial fund, will be received.
Last year Sri Lanka faced a severe financial crisis in 07 decades after a record decline in foreign exchange reserves.
Central Bank Governor Mr. Nandalal Weerasinghe had said that after receiving the money from the International Monetary Fund, Sri Lanka can get more money from the Asian Development Bank and the World Bank.
