IMF team finally arrives, fifth loan tranche imminent | Sunday Observer

IMF team finally arrives, fifth loan tranche imminent

Representatives of the International Monetary Fund (IMF) will arrive next week to discuss the granting of the 5th tranche of the US$ 1.5 billion fund facility that was postponed due to the political crisis on October 26.

Secretary to the Ministry of Finance and Mass Media Dr R. H. S. Samaratunga has said that the IMF team will arrive on February 15th. The International Monetary Fund had approved the three-year extended arrangement on June 3, 2016, in the amount of about US$ 1.5 billion in six

installments. According to Dr. Samaratunga, four installments of this loan have been disbursed in the amount of US$ 759.9 million.

The IMF put on hold the program discussions on the 5th review of the Extended Fund Facility when President Maithripala Sirisena precipitated an unprecedented political crisis on October 26 by ousting the incumbent Prime Minister Ranil Wickremesinghe.After completion of the fifth review, SriLanka is expected to receive a fifth tranche of about $250 million. The total loan is expected to be disbursed with a sixth tranche, by mid-2019.