IMF : Cabinet yet to be briefed on agreement

Speaker of House Mahinda Yapa Abeywardena today informed Parliament that the Cabinet of Ministers has not been briefed about the staff-level agreement reached between Sri Lanka and the International Monetary Fund.

During the commencement of the Parliament sitting this morning, Speaker Abeywardena said he has been informed by President Ranil Wickremesinghe that although officials have reached an agreement, it has to be approved by the IMF board and other creditor countries.

The Speaker said the President has informed him that before finalizing the agreement, certain revisions have to be made.

He added that once Sri Lanka and IMF agree on a final draft, the Cabinet will be briefed on the matter.

The Speaker said the opposition and other interested parties will also be invited when the Cabinet is briefed on the IMF agreement.

Several opposition members have been demanding the agreement be revealed to the Parliament. The Speaker has subsequently requested a clarification from the Ministry of Finance.

Speaker of House Mahinda Yapa Abeywardena also informed Parliament today that the Cabinet has not approved the said document thus far.

On the 1st of September, it was announced that the International Monetary Fund and Sri Lanka have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion.

The agreement was reached following talks between Sri Lankan authorities and an IMF team headed by Peter Breuer and Masahiro Nozaki.

An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki visited Colombo from August 24 to September 1, 2022 to continue discussions on IMF support for Sri Lanka and the authorities’ comprehensive economic reform program.

The IMF team held meetings with President and Minister of Finance Ranil Wickremesinghe, Prime Minister Dinesh Gunawardena, Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe, Secretary to the Treasury KM Mahinda Siriwardana, and other senior government and CBSL officials.


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