IMF is still Hopeful

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IMF

The International Monetary Fund is planning to resume talks soon as possible and finalize the documentation needed for recovery.

The IMF is still in contact with officials who are working at the technical level.

“We hope for a resolution of the current situation that would allow for our resumption of a dialogue on an IMF-supported program,”

IMF spokesman Gerry Rice said in a scheduled press briefing.
unfortunately, the Sri Lankan parliamentarians are still arguing among themselves on who should fill in the top slots of prime minister and president.

The Central Bank Governor has warned that further turmoil will deepen the crisis.

Spokesperson Rice said the IMF still has technical counterparties in Sri Lanka’s central bank and the Ministry of Finance and hopes to be able to have high-level discussions with the authorities to begin discussions on a program “as soon as possible.”

He said any new loan program for Sri Lanka would require adequate assurances on debt sustainability.

Clifford Lau, a money manager at William Blair, a holder of Sri Lankan bonds, said it was difficult to say when a deal could be reached with the IMF because the country needs to rebuild its government.

“I still believe that an IMF deal will eventually happen as there is the consensus amongst the political elites that it is the most credible way forward to restore confidence from within and outside,” Lau said.

“What needs to stop now is the political infighting, and elect an all-parties leader to resume bailout talks as soon as possible.”

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