Second review of IMF-Supported Program for Sri Lanka begins

The second review of the International Monetary Fund (IMF)-Supported Program for Sri Lanka began, Thursday.

State Minister of Finance Shehan Semasinghe said that the IMF 2nd review commenced with an opening meeting with President Ranil Wickremesinghe.

“This marks an important milestone in our ongoing efforts to enhance stability and economic growth,” the State Minister said.

He said Sri Lanka expects to conclude a successful review and reach the staff level agreement which will pave the way for accessing the third tranche.

“This will accelerate our growth trajectory, fostering increased confidence in the economy,” the State Minister said.

In December the IMF Executive Board completed the first review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with access to SDR 254 million (about US$337 million).

This brought the total IMF financial support disbursed so far to SDR 508 million (about US$670 million) out of the total amount of SDR 2.286 billion (about US $3 billion).

The program continues to support Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability, and enhance growth-oriented structural reforms. (Colombo Gazette)