Tuesday, August 16, 2022

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IMF calls for socio- political stability in Sri Lanka

The International Monetary Fund (IMF) is calling for Social and political stability in Sri Lanka in order to resume key talks.

IMF Spokesperson Gerry Rice said that the crisis in Sri Lanka has interrupted the ongoing talks with the IMF.

“So, like everyone else we are, of course, deeply concerned about the ongoing crisis, it’s impact on the Sri Lankan people, and particularly the poor and the vulnerable groups in Sri Lanka and they are closely monitoring the political and the social developments there,” Rice told reporters.

He said the IMF hopes for a resolution of the current situation that would allow for the resumption of a dialogue on an IMF supported program.

“He added that that in June, less than a month ago, things are moving so fast, but less than a month ago there was an IMF staff team in Colombo.

And we did have discussions, actually, constructive discussions with the authorities on a set of economic policies and reforms that could be supported by, potentially by an IMF program. We don’t have a program with Sri Lanka right now. But we were discussing what could be a program,” he said.

Rice also said that Sri Lanka’s public debt is assessed as unsustainable and as is the case with every IMF program, not just the case of Sri Lanka, a program would require adequate assurances on debt sustainability.

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