IMF approves next $350 million tranche

The Executive Board of the International Monetary Fund (IMF) has completed the fourth review under the 48-month Extended Fund Facility (EFF) arrangement, allowing Sri Lanka to draw approximately US$350 million.

This brings the total IMF financial assistance disbursed to the country so far to US$1.74 billion, according to Evan Papageorgiou, IMF Mission Chief for Sri Lanka.

“The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The program supports Sri Lanka’s efforts to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) enhancing growth-oriented structural reforms. A full press release will be issued soon,” Papageorgiou said.