IMF closely monitoring financial developments in Sri Lanka

IMF closely monitoring financial developments in Sri Lanka

IMF closely monitoring financial developments in Sri Lanka

Written by Staff Writer

12 Mar, 2021 | 6:48 pm

Colombo (News 1st);  The International Monetary Fund says that they are closely monitoring financial developments in Sri Lanka including the recent swap facility with China.

Gerry Rice, the Director of the Communications Department at the IMF said Sri Lanka’s Extended Fund program with the IMF expired last year, June 2020 adding the IMF did receive a request from the Sri Lankan authorities for emergency financial support to help fight the COVID pandemic.

“The assessment of that support has taken longer than for other countries due to Sri Lanka’s daunting economic challenges and high public debt,” he added.

In a statement to a Public Group, State Minister of Money and Capital Market Ajith Nivard Cabraal has responded to this saying that the statement of the IMF on the Chinese swap facility is quite surprising.

The State Minister said the request for COVID-19 assistance was made by the Government from the IMF early last year at the time the Covid Pandemic started adding that the IMF was dragging its feet in providing that facility.

He adds, Nevertheless, the Government managed to effectively provide the necessary relief and support to the Sri Lankan people as well as maintain a framework of sound macro fundamentals even WITHOUT such financial support from the IMF.

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