Hon. (Dr.) Harshana Suriyapperuma - Deputy Minister of Finance and Planning
On behalf of the Minister of Finance, Planning and Economic Development, the Deputy Minister stated that Sri Lanka received the IMF Extended Fund Facility third and fourth tranches in 2024/2025, each amounting to SDR 254 million, approximately USD 336 million and USD 334 million respectively. He said the funds were obtained to support fiscal and external sector policy adjustments and were used for Government budget deficit financing. He further provided the applicable interest basis, noting the current effective rate for the first week of March 2025 was 3.743 per cent, and stated that repayments for the third tranche run from December 2028 to May 2034 and for the fourth tranche from September 2029 to February 2035.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 Oral Answers to Questions
¶ 02 Question 126/2024 - Loans obtained from IMF from 01.01.2024: Details
¶ 03 Hon. Speaker, on behalf of the Minister of Finance, Planning and Economic Development, I provide the following answer.
¶ 04 (a) (i) Third Tranche - Special Drawing Rights (SDR) 254 million (approximately USD million 336) (exchange rate USD:LKR 1:301.952).
¶ 05 (ii) Fourth Tranche - SDR 254 million (approximately USD million 334) (exchange rate USD:LKR 1:295.347).
¶ 06 (iii) One occasion.
¶ 07 (iv) The loans were obtained to implement policy adjustments relating to the fiscal and external sectors of the Sri Lankan economy. The funds were applied to meet the Government budget deficit financing.
¶ 08 (v) The annual interest rate is based on market factors, namely the SDR interest rate (SDRi) plus a margin. At present, the margin is a base number of 60 basis points. The SDRi is calculated weekly and is available at https://www.imf.org/external/np/fin/data/sdr_ir.aspx.
¶ 09 For the first week of March 2025, the effective interest rate on Extended Fund Facility resources is 3.143 + 0.6 = 3.743%. Prior to 01.11.2024, the margin stood at a base number of 100 basis points. As the SDRi is determined weekly, forecasts cannot be provided.
¶ 10 (vi) Repayments: - Third Tranche: Commencement - December 2028; Completion - May 2034 - Fourth Tranche: Commencement - September 2029; Completion - February 2035
¶ 11 (b) Does not arise.
Provenance
- Source
- Hansard, Friday, 14 March 2025 ·No. 1744281136023320 ·English daily/uncorrected Hansard
- Page · column
- not yet extracted — page/column anchors are not in the current dataset; the source PDF is the citable location.
- Permalink
/lk/speeches/26382
Cite as: Hon. (Dr.) Harshana Suriyapperuma - Deputy Minister of Finance and Planning. 10th Parliament, Parliament of Sri Lanka. Hansard, 14 March 2025. No. 1744281136023320. Politick, https://staging.politick.io/lk/speeches/26382