Sri Lanka will miss the December deadline set by the International Monetary Fund (IMF) to secure board approval for financial assistance.
State Minister of Finance Shehan Semasinghe said Sri Lanka is working hard to complete the required process by early next year.
He that Sri Lanka is yet to receive financial assurances from its bilateral creditors.
“Bilateral creditor have indicated their intention to support Sri Lanka and we are thankful to the creditors,” he said.
The State Minister said that the authorities are having continuous progressive discussions and exchange of information.
“We will miss the intended formal approval of the IMF in December, but are working hard to complete the required process by early next year,” he added.
Sri Lanka has already reached a staff level agreement with the IMF and is awaiting board approval for the funds to be disbursed.
The IMF wants Sri Lanka to reach an agreement with its creditors before board approval can be given. (Colombo Gazette)
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