IMF denies claims it recommended postponing LG polls

IMF denies claims it recommended postponing LG polls

The International Monetary Fund (IMF) denies claims it recommended postponing the Local Government (LG) elections.

The LG polls were scheduled to be held earlier this month but has now been postponed to 25th April.

IMF Mission Chief for Sri Lanka, Masahiro Nozaki told reporters that the IMF does not intervene in any country’s electoral processes.

“In the case of Sri Lanka, the question of elections is a matter for the Sri Lankan Government and the Sri Lankan people,” he said.

Nozaki said the IMF has never recommended postponing the local government elections.

The IMF Executive Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms.

“Sri Lanka has been facing a severe economic crisis as a result of past policy missteps and economic shocks. We have been deeply concerned about the impact of the crisis on the Sri Lankan people, particularly the poor and vulnerable groups, and about the economic costs of the delay in the country’s access to external financing,” the IMF said.

The Board approval marks an important step towards the resolution of the crisis —Sri Lanka will immediately receive an initial disbursement of about US$330 million from the EFF arrangement, which is expected to catalyze new external financing including from the Asian Development Bank and the World Bank. (Colombo Gazette)

Previous Post Next Post
Disclaimer: This news appearing on Yazh News Media has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor. For further clarification contact us on Email.