IMF third tranche expected in July

The International Monetary Fund (IMF) is likely to transfer the delayed third tranche of the $ 1.5 billion three-year Extended Fund Facility (EFF) in July, a top Central Bank official has said. 

Central Bank Governor Dr. Indrajit Coomaraswamy told reporters the holdup had only one prerequisite to be completed, which was the tabling of the new Inland Revenue Act in Parliament. The act was gazette on 19 June and is publicly available before being tabled in Parliament. 

“The IMF board will meet in the second week of July and we expect the third tranche to be approved then,” Dr. Coomaraswamy said. 

The IMF had earlier warned that the Government had failed to meet reserve targets and delayed meeting timelines for important reforms of state-owned enterprises (SOEs).