Sri Lanka Parliament passes Resolution for implementing IMF package

Colombo: Sri Lanka’s Parliament yesterday passed a Resolution for implementing the IMF package of an extended fund facility of 3 billion dollars. A total of 120 members voted in favour while 25 voted against the package, after deliberation over the last three days.

 

Local news portals reported that the main opposition Samagi Jana Balawegaya (SJB), the Tamil National Alliance (TNA), Sri Lanka Freedom Party voted against the resolution.

 

President Ranil Wickremesinghe had earlier said that the key points of the IMF agreement



would be enacted into law, after the resolution is passed. Last month, the Executive Board of the IMF approved a 48-month program of approximately 3 billion dollars for Sri Lanka.

 

The program opens doors for Sri Lanka to access financing up to 7 billion dollars from the IMF, international financial institutions, and multilateral organizations. It is expected to provide much-needed policy space to drive the economy out of the unprecedented challenges and instill confidence amongst all the stakeholders.