Sri Lanka decides not to pursue new IMF loan-cbank

IMF - International Monetary Fund

Sri Lanka has decided not to pursue a new loan from the International Monetary Fund as the global lender has indicated it may not be in a position to consider budget support to country, the central bank said on Tuesday.

The central bank said the IMF had indicated that Sri Lanka does not warrant unconventional and exceptional financial support in light of recent improvements in its fiscal situation.

“Sri Lankan authorities have decided not to pursue a new programme with the IMF, but to continue maintaining the close relationship with the Fund under standard consultation processes similar to many other member countries,” the bank said. (Reuters)