Sri Lanka remains a middle-income country -IMF Asia Deputy Director

(FASTNEWS | COLOMBO) – Deputy Director of the Asia and Pacific Department of the International Monetary Fund Anne-Marie Gulde says Sri Lanka remains a middle-income country.

Deputy Director of the Asia and Pacific Department of the International Monetary Fund Anne-Marie Gulde says Sri Lanka remains a middle-income country.

Speaking during the IMF press conference on the Asia and Pacific Region’s Economic Outlook, Deputy Director Anne-Marie Gulde said Sri Lanka remains a middle-income country even with the decline in the Gross domestic product in the past few months.

She noted that Sri Lanka is facing a very severe economic crisis and they are very concerned about what’s going on in Sri Lanka.

Anne-Marie Gulde noted that they are keen to work very fast to end the suffering of Sri Lankans, especially the suffering of the poor and vulnerable.

The IMF Deputy Director of the Asia and Pacific Department said they have reached a staff level agreement on a four-year Extended Fund Facility program on the 1st of September and noted that the initial disbursement of the program will come after the board approval.

She said since Sri Lanka’s debt is assessed as unsustainable at this stage, the IMF is seeking financing assurances from official bilateral creditors and on private sector debt