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* Sri Lanka hopes to reach staff level agreement during IMF’s visit at the end of the month
Thu, Aug 18, 2022, 09:54 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 18, Colombo: A group of representatives from the International Monetary Fund (IMF) is scheduled to arrive in the country at the end of this month, Governor of the Central Bank Dr. Nandalal Weerasinghe said.

At the press conference held at the Central Bank today (18) to announce the monetary policy, Central Bank Governor said the IMF mission is planning to come at the end of the month with the intention to complete the staff level agreement on a policy package.

“Once we reached a staff level agreement we obviously have to approach the creditors on debt restructuring with our advisers and we can progress….. We are almost completed and reached almost all the targets,” the Governor said.

The Governor said they hope to reach a staff level agreement during the IMF’s visit and expressed hope that the IMF would accept the program presented by the government.

He pointed out that it will be possible to reach agreements with institutions to obtain loans after the approval of the IMF program and expressed optimism that situation will be improved further.

The Governor said the country is now stabilizing due to the decisions taken by the Board of the Central Bank in the past and some positive results have been seen in the country's economy as a result.

Responding to questions regarding inflation in short term, Dr. Weerasinghe said although it was expected that the inflation could rise up to 70 percent, it did not rise due to the decisions taken and that the inflation is expected to go down further in the future.

“Inflation is likely to peak somewhere in September and then it will be heading down and that’s what our short-term projection.”

“We accept that inflation at 60% is high. Foreign exchange shortage has decreased to some extent. Banks in the country have some amount of foreign exchange. Import expenditure has decreased. Export income has increased," the Governor of the Central Bank further stated.

 

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