President Ranil Wickremesinghe is set to hold a crucial meeting on Monday, March 11, with leaders of recognized opposition parties in parliament and a high-level delegation from the International Monetary Fund (IMF).
The meeting, scheduled at the Presidential Secretariat, will provide an opportunity for opposition party leaders to engage in discussions with the IMF delegates regarding the proposals put forth by the international financial institution.
Heading the IMF delegation is Peter Breuer, the Senior Mission Chief for Sri Lanka, leading the second review of the Extended Fund Facility (EFF) program for the island nation. The review process commenced on Thursday, March 7, with an initial meeting with President Wickremesinghe.
During the meeting, Mr. Breuer expressed optimism about the efficacy of the IMF program, attributing tangible outcomes to the commitment and implementation by Sri Lankan authorities. He commended the progress witnessed in the nation’s economy, emphasizing its significance.
In response, President Wickremesinghe reaffirmed his government’s unwavering commitment to sustaining momentum and advancing the nation’s economic agenda.
Finance State Minister Shehan Semasinghe conveyed the government’s target to conclude a successful review by June, aiming for a staff-level agreement to unlock the third tranche of the IMF’s USD 2.9 billion bailout package.
Previously, the IMF had indicated that the second review, contingent on meeting debt restructuring and revenue targets, could be completed in the first half of 2024. The IMF executive board approved the first review in December 2023, disbursing approximately USD 337 million as the second tranche to address the fallout from Sri Lanka’s severe financial crisis.
Sri Lanka initially received the first tranche of the loan in March 2023, following the executive board’s approval of the 48-month EFF program.
