Sri Lanka talks with IMF for $ 3 billion

ISLAMABAD, June 02 ( Alliance News): Sri Lanka is talking to the financial institution for borrowing at least 3 billion through the International Monetary Fund (IMF) Extension Fund Facility (EFF).

According to foreign media report , informed sources said that the Sri Lankan government is expecting another round of technical dialogue with the IMF in June in June and this month. Finally expect a staff level agreement.

However, an IMF spokesman did not immediately comment on the request for a response to the progress. Similarly, the Sri Lankan minister and the central bank have also refused to respond to the matter.

Sri Lanka had requested to create a ‘rescue plan’ to overcome a serious economic crisis for the first time since its independence in 1948.

Sri Lanka was unable to repay some foreign loans earlier this year and is making all efforts to pay for imports of basic needs such as fuel and medicine.

According to the IMF website, the EFF program, which will be a 17th IMF plan for the nation, will require countries to make structural economic reforms to fix basic weaknesses.

Once the project is approved, the program is usually three years old and 4 and a half years old with a discounted period, the loan repayment begins during this period.

The $ 3 billion contract with the IMF would be about four times the country’s quota.


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