Sri Lanka-IMF reach staff-level agreement on the first review

Sri Lanka and the International Monetary Board have reached a staff-level agreement following lengthy discussions on the first review under an economic reform program supported by a 48-month Extended Fund Facility (EFF) arrangement.

The IMF team led by IMF Senior Mission Chief for Sri Lanka Peter Breuer and Deputy Mission Chief Katsiaryna Svirydzenka held extensive discussions in September in Colombo with President Ranil Wickremesinghe, Finance Ministry officials and Central Bank officials and also in Marrakech, Morocco with State Minister Shehan Semasinghe, Secretary to the Treasury Mahinda Siriwardana, and other senior government and CBSL officials.

According to the statement issued by the IMF, following constructive discussions, the IMF team has reached a staff-level agreement with the Sri Lankan authorities on the first review.

The EFF arrangement was approved by the IMF Executive Board for a total amount of SDR 2.3 billion (about US$3 billion) on March 20, 2023.

The IMF statement said, the staff-level agreement is subject to the approval by the IMF management and the IMF Executive Board in the period ahead, contingent on the implementation by the authorities of all prior actions and the completion of financing assurances reviews, which will include confirming whether adequate progress has been made with debt restructuring to give confidence that the restructuring will be concluded in a timely manner and in line with the program’s debt targets.

Upon approval by the IMF Executive Board, Sri Lanka would have access to SDR 254 million (about US$330 million), bringing the total IMF financial support disbursed under the arrangement to SDR 508 million (about US$660 million).

  • All
  • Australia News
  • Business News
  • Entertainment News
  • International News
  • Sports News
  • Sri Lanka News
    •   Back
    • India News
Load More

End of Content.

latest NEWS

  • All
  • Australia News
  • Business News
  • Entertainment News
  • International News
  • Sports News
  • Sri Lanka News
    •   Back
    • India News