Sri Lanka is likely to receive the Extended Fund Facility (EFF) from the International Monetary Fund (IMF) during the third week of this month, stated Sri Lanka Podujana Peramuna (SLPP) MP and economist Prof. Ranjith Bandara.

“By the third week of this month (March), we (SLPP) have faith that the International Monetary Fund will support Sri Lanka as we expected. The preliminary discussions in that regard have come to the final stage,” he said.

He made this statement at an SLPP press conference held recently while refuting a statement made by Samagi Jana Balawegaya (SJB) MP S.M. Marikkar during an SJB press conference who claimed that the country is unlikely to receive the IMF fund facility by March. 

Prof. Bandara responded to the claims saying that the aforesaid statement by MP Marikkar was “completely false”.

Further, Prof. Bandara said their party is optimistic about obtaining the said support from the IMF and that the false statement was made to discourage investors, destabilise the economy, weaken the State, and topple the Government. Through this, he claimed that the SJB believes that people would serve them the power to govern the country  “on a tray”.

The Sunday Morning yesterday reported that the Executive Board of the IMF is likely to take up the proposed financial facility for Sri Lanka for discussion and decide on the matter by 20 March.  

A highly-placed government source had further explained the situation to  The Sunday Morning saying: “The IMF Managing Director (MD), during her discussion a few days back with President Ranil Wickremesinghe, had conveyed that her discussion with the Chinese Premier had been very positive and that China had responded positively towards finalising Sri Lanka’s debt restructuring programme.” 

Issuing a press release following the Monetary Policy Review of the Central Bank of Sri Lanka (CBSL) that was held last Friday (3), IMF Senior Mission Chief for Sri Lanka Peter Breuer said: “The CBSL’s decision to raise the policy rate is appropriate and in line with its objectives set under the inflation targeting framework. It reflects CBSL’s commitment to the inflation target is an important part of the disinflation strategy of the EFF programme, to which the Sri Lankan authorities are committed and is supported by the IMF.”