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Sunday, January 29, 2023

Sri Lanka yet to receive financial assurances – Semasinghe

State Minister of Finance Shehan Semasinghe has stated that Sri Lanka is yet to receive financial assurances from its bilateral creditors.

Commenting on recent claims made by sources close to the matter, Semasinghe confirmed that while said creditors have expressed their intention to support Sri Lanka, financial assurances in this regard are yet to be ascertained.

“We will miss the intended approval of the International Monetary Fund (IMF) in December, but are working hard to complete the required process by early next year”, Semasinghe said, assuring, however, that continuous progressive discussions are currently ongoing between the relevant authorities.

Sri Lanka said in September it expected the board to approve the deal by year-end. Progress has been slow in recent months, and Sri Lanka’s finance minister acknowledged last month the request might extend into January.

Sri Lanka has to secure prior financing assurances from creditors, put its heavy debt burden on a sustainable path and increase public revenue before the global lender will disburse the funds. 

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