By The International Monetary Fund (IMF) has made it clear that now Sri Lanka needs to conclude the negotiations with external commercial creditors and implement agreements with official creditors.
Julie Kozack, Director of Communications at the IMF noted that the Executive Board approved the first review of the program on 12th December 2023.
“ Program performance has been satisfactory, ” she said.
“The current staff mission, serving as a fact-finding and technical visit, aims to discuss recent developments and ensure continued adherence to program targets and commitments,” added Julie Kozack.
The International Monetary Fund (IMF) approved a $2.9 billion bailout package for Sri Lanka in March 2023, but its final disbursement hinges on progress with debt restructuring.
Sri Lanka has asked foreign investors for a 30% haircut to help restructure its debt and the negotiations, which kicked off in September last year, are still underway.
