The Executive Board of the International Monetary Fund (IMF) yesterday passed the second review of Sri Lanka’s $ 3 billion Extended Fund Facility (EFF) program.
The move entails the release of $ SDR 254 million (about $ 337 million) bringing the total IMF financial support disbursed under the arrangement to SDR 762 million (about $ 1 billion).
The first review was held on 12 December last year
“All the Directors highly appreciate the authority’s commitment to the program which they say has yielded positive macroeconomic results,” said a Government source.
Based on the breakthrough though anticipated, President Ranil Wickremesinghe is scheduled to make a statement today along with a comprehensive economic update and referring to the remarkable International endorsement of Sri Lanka’s economic turnaround.
Foreign Affairs Minister Ali Sabry said the IMF approval was a testament to the Government’s dedication to driving forward economic reforms and securing a prosperous future for all Sri Lankans. State Minister of Finance Shehan Semasinghe is also scheduled to brief the media today morning.
FT