Sri Lanka likely to consider another IMF programme, Deputy Finance Minister says

Sri Lanka is likely to consider entering into another programme with the International Monetary Fund (IMF) after completing its current arrangement, Deputy Finance Minister Anil Jayantha Fernando said on Thursday (12).

Fernando said a Cabinet-appointed committee had been tasked with examining the country’s future engagement with the IMF and assessing the adequacy of its reserves.

He said the committee had not yet met, but would study the options available once Sri Lanka successfully completed its current IMF programme.

Fernando said the country’s immediate challenge had previously been to restore economic stability, but the focus was now shifting towards achieving stronger growth.

He noted that Sri Lanka would continue to work with the IMF and other international institutions even in the absence of a formal programme.

The committee would assess what form of future engagement would best suit Sri Lanka’s needs and submit its recommendations to the Cabinet, which would make the final decision, he said.

Asked whether entering into another IMF programme was possible, Fernando said there was a “probability” of such an outcome.