• Revenue boosting alternatives proposed by Govt. require further IMF talks, adds Econ.-Finance Snr. Consultant to Prez Prof. Fernando  

The visiting International Monetary Fund (IMF) delegation, in its preliminary discussions, has acknowledged that the current National People’s Power (NPP) Government is committed to maintaining the ongoing IMF Extended Fund Facility (EFF) programme while the new administration has proposed alternatives aimed at boosting revenue, which will require further discussions with the IMF, Government sources claimed.

Meanwhile, a high-level delegation from the IMF, led by Director for the Asia and Pacific Department of the IMF Krishna Srinivasan, arrived in Colombo yesterday (2) to meet with President Anura Kumara Dissanayake and the new Government. This visit till tomorrow (4) aims to establish a better relationship between the IMF and the new administration following the recent Governmental transition.

Speaking to The Daily Morning yesterday, Senior Consultant to the President on Economic Affairs and Finance, Prof. Anil Jayantha Fernando emphasised that this meeting is primarily a ‘courtesy visit’ rather than an opportunity for in-depth discussions about Sri Lanka's economic affairs. “The IMF has not worked with this new administration before,” he explained. “This visit is crucial for making the new administration aware of the IMF's programme and to understand their approach towards it.” Prof. Fernando noted that preliminary discussions with the IMF had already taken place last week, during which the IMF delegation acknowledged that the current Government is committed to maintaining the ongoing EFF programme. However, he highlighted that the new administration has proposed alternatives aimed at boosting revenue, which will require further discussions with the IMF. “The visit will also serve to brief the IMF on our proposed strategies and to gather insights on their expectations,” he added. 

The IMF delegation is scheduled to meet with key officials, including the President, the Prime Minister, and Treasury officials and the new economic team, to discuss the future of their collaboration. The delegation is visiting to discuss the latest economic developments and economic reforms under Sri Lanka’s economic programme supported by the IMF, according to a spokesperson for the global lender.  

Speaking on the visit of the delegation, Cabinet Spokesperson Vijitha Herath said that only preliminary discussions on the country’s EFF programme will take place during the meeting. A further discussion on its structural facts is scheduled to take place in New York, United States, around the end of October, he told the media in Colombo on Tuesday (1).