The discussions between the visiting delegation of the International Monetary Fund (IMF) and Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe kicked off this morning.

IMF’s Resident Representative for Sri Lanka, Tubagus Feridhanusetyawan and Finance Secretary Mahinda Siriwardana are also taking part in the talks taking place at the Central Bank premises.

Staff from the global lender will be in Colombo from August 24 to 31.

The goal of the visit is to make progress on a staff-level agreement for an aid package in the near term, to help the island nation weather a severe economic crisis, the IMF said on Friday.

Earlier this week, the Central Bank governor said the disbursement of IMF’s Extended Fund Facility to Sri Lanka can be expected by the end of the year, subject to the success of debt restructuring with creditors and successful negotiations with the IMF.

Meanwhile, the IMF said approval by its Executive Board of the Extended Fund Facility program would require adequate assurances by Sri Lanka’s creditors that debt sustainability will be restored, as the island nation’s public debt is assessed as unsustainable.