Negotiations with IMF started on a positive note today.They see the recent steps taken to increase the interest rates and calling for RfP’s for the appointment of Intl. Financial/Legal Advisors as good first steps towards a possible restructuring Programme. FM made a request for a Rapid Financing Instrument (RFI) to mitigate the current supply chain issues,yet initially IMF of the view that it doesn’t meet their criteria. However,India subsequently made representations on an RFI for SL as well and IMF may consider this request due to the unique circumstances. In any event,IMF appears to be positive towards granting an Extended Fund Facility (EFF). Ideally if this can be expedited,it can help stabilize things in the short term till long-term solutions kick in.
Bump
