• Sri Lanka’s next IMF review is delayed, while talks with bondholders and Citibank’s involvement in debt restructuring aim to help the nation exit default.

The Central Bank of Sri Lanka confirmed on Friday that the next review by the International Monetary Fund (IMF) will be delayed, though no timeline has been provided by Central Bank Governor Dr. Nandalal Weerasinghe, leaving it uncertain if the review will occur before the end of 2024. Following a recent visit to Colombo, the IMF stated it would continue coordinating with Sri Lanka's economic team to schedule the third review. In Washington, a Sri Lankan delegation met with bondholders to discuss a debt exchange, with Dr. Weerasinghe noting that these talks, held on the sidelines of the IMF/World Bank meetings, aim to expedite Sri Lanka's exit from default status. Citibank has been appointed as the dealer manager to lead a consent solicitation, an essential step toward resolving the default. After experiencing its first-ever default in 2022, Sri Lanka reached a draft agreement in September to restructure $12.5 billion in international bonds, a proposal that has received support from both the IMF and official bilateral creditors.

IMF review for Sri Lanka delayed | Daily Mirror