SL prepared to adopt to IMF program…

During the Monetary Policy Review on Friday (3), Central Bank Governor Dr. Nandalal Weerasinghe stated that Sri Lanka is prepared to adopt the IMF program by March 2023.

“We had inflation projections from both the IMF and the Central Bank when we negotiated the staff level agreement with the IMF and finalized the deal on the first of September,” he told reporters.

“The IMF’s end-year inflation objective was 70%, and at the time we were hoping to have the program unlocked some time in December (2022). We also had a little bit more inflation than that. Based on the inflation outlook and the actual outlook, that is where we increased policy rates and had an expectation to do so again soon “added he.