IMF to begin talks with Sri Lanka on program to support the country

The International Monetary Fund (IMF) intends to begin discussions with Sri Lanka on a programme to support the country, IMF spokesman Gerry Rice says.

Speaking at a media briefing on Thursday (March 17), Mr. Rice said the IMF has highlighted the urgent need to implement a credible and coherent strategy to restore macro-economic stability and debt sustainability or protect vulnerable groups through strengthened well-targetted social safety nets.

“We stand ready to discuss all options for Sri Lanka,” Mr. Rice said further.

The IMF recently concluded its Article IV consultation with Sri Lanka and the Executive Board recommended a gradual return to a market-determined and flexible exchange rate to facilitate external adjustment and rebuild international reserves.

Earlier this week, IMF Asia and Pacific Department Director Changyong Rhee met with Sri Lankan President Gotabaya Rajapaksa to discuss the details of the fund’s latest review of the economy and the assessments on the island nation.

Following the said meeting with the top IMF official, President Rajapaksa, in a televised address, said he has decided to work with the IMF.