The International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday.
Sri Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows, but since locking down a $2.9 billion IMF programme in March, has managed to partly stabilise its economy, reducing runway inflation and rebuilding reserves.
Sri Lanka reached a staff level agreement with the IMF late on Thursday to release the second tranche of about $330 million but still needs approval from the IMF management and Executive Board. "Like, approximately 12 months ago, we are of course looking for a strong budget that can achieve that with, of course, the objective being that the gap between expenditure and revenues needs to be narrowed so that Sri Lanka can, once again, find creditors who are willing to finance the remaining gap," Breuer told reporters at an online briefing from Washington.
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