By Uditha Jayasinghe COLOMBO (Reuters) -The International Monetary Fund did not reach a staff-level agreement with Sri Lanka in its first review under a ...
By Uditha Jayasinghe COLOMBO -The International Monetary Fund did not reach a staff-level agreement with Sri Lanka in its first review under a $2.9 billion bailout package, due to aBy Uditha Jayasinghe
"Sri Lanka has made commendable progress in implementing difficult but much-needed reforms. These efforts are bearing fruit as the economy is showing tentative signs of stabilisation," the IMF said in a statement. In the last six months Sri Lanka has seen its runaway inflation drop to 1.3% in September, its currency appreciate by about 12% and foreign exchange reserves improve.
"While partially due to economic factors, the onus of fiscal adjustment would fall on public expenditure if there were no efforts to recoup this shortfall. This could weaken the government's ability to provide essential public services and undermine the path to debt sustainability."The bonds are still in deeply distressed territory, trading between 46-48 cents to the dollar, Tradeweb data showed.
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