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No+conditions%2C+only+financial+discipline+expected+from+IMF+on+assistance+%E2%80%93+says+Finance+Minister
Monday, 18 April 2016 - 12:51
No conditions, only financial discipline expected from IMF on assistance – says Finance Minister
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Sri Lanka could get funds from an International Monetary Fund in June 2016, if a preliminary deal is reached in Washington on the side lines of annual meeting of the agency and World Bank.

Sri Lanka is hoping to get at least a billion US dollars under a structural reform driven Extended Fund Facility which will run for three years.

IMF and Central Bank officials said that a preliminary deal is expected to be reached in a few days but it has to be approved by various departments of the IMF and then go to the Board.

Central Bank's Deputy Governor P Samarasiri told reporters last week that IMF Board approval is likely in early June.

IMF money goes to boost central bank reserves and will bridge the budget deficit of the United States if a recipient country is pegged to the US dollar and has prudent reserve management.

However, a reform based EFF could also get funds from other development partners like the Asian Development Bank or World Bank based on structural benchmarks that are built into it.

Finance Minister Ravi Karunayake, who is second vice chair of the Group of 24 said, during a media briefing in Washington that no conditions have been imposed.

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