IMF Executive Board to decide on Sri Lanka’s EFF on March 20

The Executive Board of the International Monetary Fund (IMF) will decide on Sri Lanka’s Extended Fund Facility (EFF) at its meeting on 20 March, IMF Managing Director Kristalina Georgieva said.

Georgieva welcomed the progress made by the Sri Lankan authorities in taking decisive policy actions and obtaining financing assurances from all their major creditors, including China, India and the Paris Club.

The IMF Managing Director said she looks forward to presenting for approval Sri Lanka’s IMF-supported program to the IMF Executive Board on March 20. She said the Extended Fund Facility (EFF) will support the authorities’ program of ambitious reforms.

Sri Lanka has now received financing assurances from all major bilateral creditors.

This paves the way for consideration by the IMF’s Board on March 20 the approval of the Staff Level Agreement reached on September 1, 2022 for financing under an Extended Fund Facility.

Approval by the Board would also catalyze financing from other creditors, including the World Bank and the Asian Development Bank.

The arrangement will support the authorities’ program of ambitious reforms, that they have already embarked upon, which will help Sri Lanka emerge from its current crisis and set it on a trajectory of strong and inclusive growth. (Colombo Gazette)