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The agreement is subject to approval by IMF management and its executive board, and is contingent on Sri Lankan authorities following through with previously agreed measures.
The IMF said Friday a team will travel to Sri Lanka next week to resume aid talks that were interrupted amid the unrest that led to the resignation of the nation's president.
Sri Lanka's central bank governor said the suspension of payment would be until the country came to an agreement with creditors and with the support of a loan programme with the International Monetary Fund.
The International Monetary Fund (IMF) said on Tuesday that it is monitoring political and economic developments in Sri Lanka "very closely" as public unrest in the island nation grows amid its worst economic crisis in decades.
11 January 2021 Author: Dushni Weerakoon, Institute of Policy Studies of Sri Lanka The unprecedented disruptions of COVID-19 are causing a geopolitical reset — and as the global order is redrawn, small emerging market economies like Sri Lanka are vulnerable to the fallout. Sri Lanka straddles vital shipping routes and is at the centre of diplomatic spats between China and the United States, who called on Sri Lanka to make ‘difficult but necessary choices’ over its growing economic and political ties to China. In December 2020, a US grant offer of US$480 million under its Millennium Challenge Corporation was withdrawn and any further assistance under the US Coronavirus Aid, Relief, and Economic Security Act has been made conditional on Sri Lanka containing China’s influence. China in turn denounced what it considers as US pressure on countries ‘to pick sides’. The challenges are many for Sri Lanka’s newly elected government to sidestep global rivalries and maintain its stated stance of a neutral foreign policy.