GOSL in discussion with the IMF, to replace extended fund facility with rapid credit facility

COLOMBO (News 1st): The Sri Lankan government is currently in discussion with the International Monetary Fund (IMF), to replace its extended fund facility arrangement with the IMF's rapid credit facility. ''We’re discussing the authority’s intention to replace the extended fund facility arrangement that they had with the rapid financing instrument'', Director, Communications Department of the IMF Gerry Rice said during a press briefing yesterday. He said the IMF will be working in close coordination with the Sri Lankan government to assess all relevant factors related to the latter's request. In April this year, the global lender said it was reviewing the request made by the government of Sri Lanka on the IMF's rapid credit facility. Sri Lanka is already receiving a loan worth 1.5 billion dollars from the global lender’s Extended Fund Facility (EFF) disbursed over a period of four years. According to the IMF, the seventh and final tranche, worth at least 190 million dollars, expected to be granted this year, is likely to be delayed