New IMF programme to support long term goals

After the successful completion of the US$ 2.5 billion bailout programme of the International Monetary Fund last week, the Central Bank will discuss a new two year programme to support the long term goals of the government.

The next detailed discussion was expected to be held with the arrival of the next IMF mission to the country to facilitate improving state revenues, state enterprises, maintain deficit targets and inflation at a low level, officials said.

Sri Lanka completed a US$ 2.5 billion programme of the IMF with the last tranche of US$ 415 million received last friday, which would be the first IMF programme completed in the Country’s history.

Central Bank Governor Ajith Nivard Cabraal said that the Central Bank was interested in streanthening the relationship with the IMF on a longer term basis at least for the next few years with the country aiming to achieve economic growth.

According to the IMF representative in Sri Lanka Koshy Mathai, the government would have space with the new programme to make other changes including improving revenue administration and improving state enterprises to support the country’s longer term goals.

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