All clear for IMF bailout package View(s):First tranche by end March or early April after President’s talks with IMF chiefBy Damith WickremasekaraThe Government is on the cusp of clinching a deal with the International Monetary Fund (IMF), senior officials said yesterday expecting a US dollars 300 million first tranche by the end of the month, or at least reaching a final agreement on its US$ 2.9 billion bailout agreement at the Fund’s Spring Session early next month. Finance Ministry sources said the Government would be submitting a formal application by way of a Letter of Intent to the IMF Board of Directors listing out the reforms it had put in place for compliance with the IMF demands for the bailout. Earlier, President Wickremesinghe announced the Government had fulfilled the 15 requirements of the IMF. According to a President’s Media Unit Friday night statement, the discussions between the President and the IMF Managing Director were significant as they followed a discussion the IMF head had with Chinese Prime Minister Li Keqiang. Talks with the IMF have been concluded after six months, a senior Treasury official confirmed yesterday.
Source: Sunday Times March 05, 2023 00:31 UTC