There is no problem in getting IMF’s third tranche loan

Minister of State for Finance Sehan Semasinghe said in Parliament that there are no problems in getting the third tranche loan from the International Monetary Fund.

He informed the council that after the second round of review meeting with the International Monetary Fund to be held on the 12th, the second installment loan will be available and after that there will be no problems in getting the third installment loan.

He said this while addressing the debate on the Public Finance Management Bill held in Parliament yesterday.

Addressing the council, he said that the bailout countries have not yet come to an agreement on the issue of international debt restructuring. However, there is a favorable environment for the next round of negotiations. The second installment loan will be available after the second review meeting to be held on the 12th.

The country has now recovered from a massive economic crisis. Several laws have been enacted for economic restructuring. Public financial management legislation is essential for debt management and debt sustainability.

The opposition parties did not cooperate with the economic reforms. The main objective of the Public Financial Management Act is to replace debt management and manage the economy by devolving its responsibilities to one centre.

We have reached several agreements at the international level. The country’s debt is seen at 128 percent of the gross national product by 2022.

The goal is to reduce it to 95 percent by 2032 and to reduce the financial distribution from 34.6 percent to 13 percent.

External debt is seen at 9.4 percent in 2022. The International Monetary Fund and lenders are supporting Sri Lanka to reduce it to 4.5 percent for the above three main reasons.

It cannot be challenged that Sri Lanka must adopt new policies to get the cooperation of the International Monetary Fund. Whoever governs must implement reforms for the country and the people.

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