IMF stands ready to support Sri Lanka as economy improves, debt restructuring nears completion

Bangkok: The International Monetary Fund stood ready to support Sri Lanka "in any way they desired, as appropriate," Sonali Jain-Chandra, deputy director of its Asia and Pacific Department, said on Thursday.

* Sri Lanka's macroeconomic situation is "much improved," with its fiscal performance very strong and debt restructuring largely complete, Jain-Chandra said in a press conference during the IMF meetings in Bangkok

Also Read: IMF reaches staff-level deal with Sri Lanka for $345 million in financing


* She also said important improvements were made on structural issues, including governance

* Earlier this month, the IMF reached a staff-level agreement with Sri Lanka on the seventh review under its Extended Fund Facility to unlock financing of about $345 million

* Upon completion of the review, Sri Lanka will have access to the IMF's special drawing rights equivalent to about $345 million

* Jain-Chandra said the agreement will be considered by the IMF's board in the coming weeks and will be followed by another review mission to take place before the programme expires in March

Also Read: IMF reaches staff-level agreement on fourth review under extended fund facility with Sri Lanka

* Beyond the agreement, the IMF will continue to engage with Sri Lanka's authorities, including support through a new financial arrangement and policy advice in the form of surveillance or capacity development, Jain-Chandra said