Semasinghe says IMF Board approval in first quarter of 2023

State Minister of Finance Shehan Semasinghe on Thursday said the Government strongly believes that the approval of the Executive Board of the International Monetary Fund (IMF) for the $ 2.9 billion Extended Fund Facility program for Sri Lanka will be received in the first quarter of 2023.

He said that the $ 2.9 billion due to be received from the IMF cannot be considered as meagre aid as the EFF program builds trust in the country beyond its financial value.

Minister Semasinghe said some parties are trying to talk down the value of the IMF’s $ 2.9 billion.

“We know that some parties criticise the functioning of the International Monetary Fund. But none of those people were involved in any process carried out by the International Monetary Fund for Sri Lanka. They do not understand this process. It is sad that there are people who have caused Sri Lanka’s economic crisis and people’s suffering through their politics.”

“We not just expecting $ 2.9 billion in four years from the International Monetary Fund process. But the trust built in that, the assurance we get internationally is very important,” Semasinghe explained.

“Lending Institutions like the World Bank, JICA, and the Asian Development Bank are able to operate normally. Because currently we only receive aid as emergency aid. With the assurance of the IMF, we will be able to return to the financial market, the pressure on the banking system will decrease, inflation will start to come down, restrictions will be relaxed, and the bank interest rate will decrease,” he added.