Sri Lanka to complete IMF programme in 2019; reserves at USD6.9bn

Jan 02, 2019 (LBO) – Sri Lanka’s Central Bank Governor remained optimistic that the staff level agreement reached in principle with the IMF on the fifth review will proceed to the next level with the successful completion of the IMF EFF programme this year.

Announcing the monetary and financial sector policies for 2019, Governor Indrajit Coomaraswamy said although the developments over the past weeks have delayed the progress that Sri Lanka has been making under the IMF Programme, they hope to keep the Programme on track this year.

Sri Lanka obtained a three-year Extended Fund Facility (EFF) from the IMF, in 2015, and already received five tranches of this facility.

“Sri Lanka continued to receive the assistance under the EFF and we received the fifth tranche of the programme in June 2018. We look forward to the successful completion of the IMF EFF programme in 2019,” Coomaraswamy said.

Governor Coomaraswamy said Sri Lanka’s foreign reserves were at 6.94 billion US dollars by the end of last year.

“As far as the sovereign bond repayment is concerned there is a carryover of about 650 million dollars. There is 350 million more to find and we have found pretty much all of that. But we have to clear other obligations during the course of this year.”