Saturday Nov 23, 2024
Saturday Nov 23, 2024
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The Central Bank Governor Dr.Nandalal Weerasinghe revealed yesterday that they anticipate the completion of the International Monetary Fund (IMF) first review by the end of this month with approval from its Board in November, with the subsequent process of debt restructuring in tandem with these efforts.
Speaking to journalists at the post-Monetary Policy Review meeting, he expressed confidence in the progress made on external debt restructuring, highlighting significant support from key players, including India, the Paris Club, and China.
“As stakeholders engaging closely with the process, I can say we have made very good progress and support was extended by all parties in our debt restructuring efforts,” he added.
He said that a staff-level agreement is on the horizon, awaiting finalisation once a few remaining details are resolved.
Dr. Weerasinghe assured that this agreement will be reached "as soon as possible," underscoring a strong commitment to achieve financial stability.
Last week, IMF Senior Mission Chief Peter Breuer confirmed there is ‘no fixed timeline’ in the context of the IMF’s assessment process for the second tranche, despite tentative signs of stabilisation.
The IMF pointed out that the significant gap between Government expenditures and revenue collection remains a concern, adding that reforms in tax policies and administration are vital to bridge it.
