Govt. confident of securing $ 200 m RFI from IMF

THE Government yesterday expressed confidence in securing $ 200 million from the International Monetary Fund (IMF) under the Rapid Financing Instrument (RFI), as it moves to manage urgent foreign exchange needs following the devastation caused by Cyclone Ditwah, whilst keeping its broader debt restructuring program on track.

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Addressing a special media briefing, Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando said Sri Lanka is confident of receiving around $ 200 million under the RFI, stressing that the request is fully justified under IMF rules given the extraordinary cir cumstances created by the disaster.

"This is a special situation. That is why we requested the RFI. It is our right to do so in a disaster situation," he said, assuring that the facility is being sought to meet immediate financing pressures without destabilising the country's ongoing MF-supported reform framework or commitments.

The RFI request, amounting to SDR 150.5 million, or about 26% of Sri Lanka's IMF quota, is currently under consideration and subject to approval by the IMF Executive Board, which is scheduled to meet tomorrow (19).

"We are very confident that we will receive the RFI," he said, adding that the facility is designed to provide rapid support without undermining the broader reform framework.