Minister of Foreign Affairs Ali Sabry has actually deemed the International Monetary Fund (IMF) bailout a driver for reforms, instead of a solution as a whole.Taking to Twitter, Sabry kept in mind that although Sri Lanka is presently heading closer towards the Extended Fund Facility (EFF) program due to be gotten by the IMF, the bailout alone will not resolve the countrys critical financial crisis.He kept in mind, however, that the IMF bailout will be a catalyst for reforms, while likewise functioning as a confidence building step to restore the economy.Sri Lanka is currently waiting for board approval for the IMF bailout, while contracts are also being reached with 3 of the islands biggest bilateral creditors; India, China and Japan.Cabinet Spokesman Bandula Gunawardena yesterday (17 Jan.) specified that numerous favorable responses have actually been gotten so far with regard to the agreements being made, including that board approval for the bailout is most likely to be gotten in the very first quarter of 2023.

A leading official source in Colombo is likewise believed to have actually informed Indian media that written funding guarantees were sent out from India were sent to the IMF on Monday (16 Jan.) evening, becoming the very first of Sri Lankas creditors to formally back the island countrys debt-restructuring programme.