IMF chief says staff-level agreement “an important step forward”

International Monetary Fund (IMF) chief Kristalina Georgieva over the weekend said Sri Lanka reaching a staff-level agreement with the Fund is “an important step forward” for the island nation.
Sri Lanka last week secured a staff-level agreement with the IMF for a 48-month US$ 2.9 billion Extended Fund Facility.
The disbursement of the moneys is however contingent upon Sri Lanka fulfilling certain ‘prior actions’ the authorities have agreed with the IMF—some major reforms to ensure macro-economic stability—and obtaining debt relief from Sri Lanka’s creditors.
This is the 17th time that Sri Lanka has gone to IMF since its independence, indicating the gross mishandling of the economy by successive governments.