We are at final stage of getting IMF support: Shehan

Wednesday, 18 January 2023 00:59 - - {{hitsCtrl.values.hits}}

State Minister of Finance Shehan Semasinghe

State Minister of Finance Shehan Semasinghe yesterday told Parliament that Sri Lanka is at the final stage of getting the support from the International Monetary Fund (IMF).

He said that the President, the Ministry of Finance, the Central Bank of Sri Lanka and all other institutions are at the last phase of getting the approval and the support from the IMF.

He said all arrangements have been made to obtain the necessary financial support for the country by obtaining the necessary approvals from the Board of Directors of the IMF.

“According to the Staff-Level Agreement made in the year 2022, and according to the results of the various reforms carried out with the aim of stabilising the financial situation in this country, it is necessary to get the approval of the IMF. We believe that there will be a possibility of getting this approval in the first quarter of this year,” Semasinghe told Parliament, adding “We are confident that we will take the necessary steps that need to be completed.”

State Minister also condemned various criticisms against the Government, and statements by the Opposition to break the stability of the financial market.

“The positive results of the commitment of the President, Ministry of Finance, Central Bank and other relevant authorities are now being realised. A lot of work has been done for the final agreements including certifications from official creditors, and the negotiations with them also are at a successful level. Just as we receive the good news, the President will make a statement on that,” State Minister added.

He said that after the approval granted and the support given from the IMF, and the support from the bilateral and multilateral relationships, the Government can assure that the burden over people due to the economic crisis would be reduced.