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IMF awaits adequate assurances on Sri Lanka from the creditors

The International Monetary Fund (IMF) says it is still awaiting adequate assurances on Sri Lanka from the creditors and for the remaining requirements to be met to unlock much needed US$2.9 billion external financing.

An IMF Spokesperson said that Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms.

“We welcome the recent statement by the Paris Club to provide financing assurances to Sri Lanka following the assurances provided by India.

Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms.

As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the EFF arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval that would unlock much needed external financing,” the IMF Spokesperson said.

The Paris Club Creditors provided financing assurances to support the International Monetary Fund’s approval of an Extended Fund Facility for Sri Lanka.

The Paris Club Creditors announced their decision to provide financing assurances to support the approval by the IMF Executive Board of the envisaged IMF program for Sri Lanka, which would restore the country’s macroeconomic stability.

The assurance was given following a meeting by Paris Club members held on January 25, 2023, in the presence of representatives from Hungary, Saudi Arabia, the Kuwait Fund for Arab Economic Development and India, as well as from the International Monetary Fund and the World Bank.

India has already given the IMF written assurances on Sri Lanka.The Paris Club members as well as Hungary and Saudi Arabia have now urged other official bilateral creditors

An IMF Spokesperson said that Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms.

“We welcome the recent statement by the Paris Club to provide financing assurances to Sri Lanka following the assurances provided by India.

Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms.

As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, the EFF arrangement for Sri Lanka can be presented to the IMF’s Executive Board for approval that would unlock much needed external financing,” the IMF Spokesperson said.

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