IMF second tranche will speed up foreign debt restructuring: State Minister

State Minister for Finance Shehan Semasinghe said last week that Sri Lanka is poised to receive the second tranche of US$ 330 million subsequent to the approval of this Staff-Level Agreement by the IMF Executive Board.

He said this would support to settle arrears owed to multilateral creditors while expediting the debt restructuring process.

Semasinghe made these remarks at a press conference held at the Presidential Media Centre (PMC) on October 20, 2023 under the theme ‘Collective path to a stable country’.

He noted that the Staff-Level Agreement would enable the World Bank, Asian Development Bank, and other multilateral financial institutions to make the remaining payments, further expediting debt restructuring efforts with international partners.

He also expressed optimism that agreements related to debt restructuring may soon be finalized, aligning with the government’s objectives of reducing corruption and increasing transparency. He cited the IMF’s praise for Sri Lanka’s economic progress and noted that this reflects international confidence in the country’s economic prospects.