Sri Lankas Cabinet Spokesman Bandula Gunawardena has guaranteed that favorable actions have actually been gotten so far with concerns to the bailout due to be received by Sri Lanka from the International Monetary Fund (IMF).

Responding to a concern at the Cabinet rundown today (17 Jan.), the minister noted that the Minister of Foreign Affairs Ali Sabry had actually ensured that favorable reactions have actually been gotten referring to the Extended Fund Facility (EFF) which Sri Lanka is looking for from the IMF.

Hence, he kept in mind that arrangements are currently being reached in between India, China and Japan about the restructuring of Sri Lankas debt, adding that the board approval for the IMF bailout will likely be signed in the very first quarter of 2023, based upon these arrangements.

A current report put forth by the Standard Chartered Bank, however, had exposed that board approval for the bailout will likely be signed in the second quarter of 2023, owing to delays in protecting monetary assurances from its bilateral lenders.

Requirement Chartereds Global Research report also read that this could further delay settlements with industrial financial institutions, which are also expected to be pushed back to the 2nd half of 2023.