IMF delegation arrives in Sri Lanka

The International Monetary Fund (IMF) is planning a staff-level operation on behalf of Sri Lanka in the next few weeks for "policy discussions on a program," its spokesman Jerry Rice said in Washington yesterday (June 9).

He noted that its purpose was to further the technical discussions already held with the Sri Lankan authorities in May.

According to Jerry Rice, a delegation will visit Sri Lanka in the next few weeks.

"The duration of a staff level agreement depends to some extent on the strength of the policies promoted by the Sri Lankan authorities," he said.

On Wednesday, Prime Minister Ranil Wickremesinghe called on the International Monetary Fund (IMF) to send a staff-level delegation to Sri Lanka, which is facing an economic crisis, as soon as possible.

Jerry Rice further stated that loan sustainability is very important for an IMF loan and that it depends on the role of Sri Lanka.

He stressed that the International Monetary Fund would be able to provide loans only if Sri Lanka came forward with a viable credit sustainability plan.

He pointed out that Sri Lanka's debt was not sustainable.