Central Bank negotiating with IMF for SBA: Amunugama-Updated

Jan 21, 2015 (LBO) – The Central Bank is negotiating with the IMF for a one billion dollar stand-by arrangement, Special Assignments Minister Sarath Amunugama said at an SLFP media briefing, according to a media report.

Amunugama said discussions were ongoing and the first tranche of the SBA could come in by late February or early March.

However when asked, Minister Amunugama told LBO that the arrangement has not been finalized yet.

“An IMF team is coming here in March not only to have discussions about a stand-by arrangement but also to discuss about the economy,” Amunugama said.

“We are thinking about whether we have to go ahead with the 1 billion US dollars worth SBA. The newspaper report is wrong. Nothing has been finalized yet; not even the letter has been sent,” he further stated.

In Davos, Prime Minister Ranil Wickremesinghe said an appropriate arrangement would be entered into with the IMF if necessary.