Ravi says next IMF tranche in June

• Justifies delay as legislative and recommendations in IR Act
• Treasury Secretary says IMF team in Colombo for discussion

Finance Minister Ravi Karunanayake expressed his confidence that the third tranche of the International Monetary Fund’s (IMF) $ 1.5 billion Extended Fund Facility (EFF) would be released following the meeting with them on 14 June.

When asked if there was a delay in the next tranche, Karunanayake said he was confident that the review would be completed and Sri Lanka would get all the funds.

According to the IMF first tranche review report, Sri Lanka was to receive the next tranche on 20 April. 

“There was no delay. It is coming because there were certain technical natures. There were certain legislative measures and recommendations in the Inland Revenue Act, which we basically wanted a different approach. Those are natural tendencies take place between two proactive institutions. It is being looked at somewhere in June,” he added.

He said: “There is no hiding factor that we both had difference of opinion, but the two institutions found a halfway meeting place and that has been exploited to the maximum on behalf of the country.”

“We respect them (IMF) for one thing. They have helped us to show that we are financially well-run. That is the only investment dividend we get. Otherwise we are not interested in the petty cash that comes in,” Karunanayake stressed.

In the meantime, Treasury Secretary Dr. R.H.S. Samarathunga confirmed that a team from IMF was in Colombo for a discussion on reaching a staff level agreement on the next phase of the program.

“A team of IMF is here in Colombo for discussion,” he said.