Deputy Minister of Finance Anil Jayantha Fernando told Parliament today (21) that Sri Lanka is expecting a significant inflow of foreign funds from the International Monetary Fund (IMF) by May 27.
“We are largely expecting from the International Monetary Fund on the 27th of this month. The Board of Directors will give us USD 700 million,” he said.
The Deputy Minister explained that in addition to exports and foreign remittances, external financing from multilateral agencies would strengthen the country’s reserves.
“From the Asian Development Bank, within this year, there is the possibility of obtaining up to USD 480 million. From the World Bank, USD 150 million, and from another affiliated institution, USD 50 million,” he noted.
Deputy Minister Fernando stressed that these inflows would ease concerns over foreign exchange management.
“Therefore, there will be no problem in managing this,” he assured.
The IMF disbursement, expected on May 27, is part of Sri Lanka’s ongoing programme to stabilize its economy and strengthen external financing. (Newswire)