COLOMBO (News 1st); Sri Lanka is ready to adopt the IMF program within March 2023, said Central Bank Governor Dr. Nandalal Weerasinghe on Friday (3) during the Monetary Policy Review."When we negotiated the staff level agreement with the IMF and finalized the agreement on the 1st of September, we had inflation projections from both the IMF and the Central Bank," he told reporters."At that time we were hoping to get the program unlocked somewhere in December (2022), and the end-year IMF inflation target was 70% and we had a little over that.
That is where we raised policy rates and had an understading to raise by another high amount, depending on the inflation outlook and the actual outlook," he said.The Central Bank Governor said the IMF inflation projects and the trajectory are extremely high compared to the CBSL projections."Projections are basically projections.
But, we are confident that our projections would be more closer, based on the experience from the last couple of months.," he added."We are close to implementing the IMF program, and for us to move forward we basically had to reach a consensus on the policy rates," said Dr.