IMF to review SL's economic progress: a pivotal moment for the nation

Wednesday, 12 June 2024 - 15:54

Colombo, June 12, 2024 - Today marks a significant milestone for Sri Lanka’s economy as the International Monetary Fund (IMF) executive board is set to discuss the second review of the Extended Fund Facility (EFF) and the 2024 Article IV consultation. State Minister of Finance Shehan Semasinghe highlighted the importance of this day, expressing optimism that international partners will continue to support Sri Lanka's economic recovery efforts.

In a post on ‘X’ (formerly Twitter), Semasinghe emphasized that a favorable outcome from the review is expected to unlock the third tranche of approximately USD 330 million, which would bolster confidence in the country’s ongoing economic reforms and growth initiatives. He also mentioned that Sri Lanka is in the final steps of finalizing debt restructuring agreements, with continued support from bilateral partners.

Julie Kozack, Director of the IMF Communications Department, confirmed that the Article IV Consultation and the second review under the EFF for Sri Lanka are on the IMF Executive Board’s agenda for today. During a press briefing on June 6, Kozack indicated strong expectations that Sri Lanka would soon reach agreements with external commercial creditors in line with program parameters.

On March 21, IMF staff and Sri Lankan authorities reached a staff-level agreement on economic policies to conclude the second review of the economic reform program and the 2024 Article IV Consultation, signaling continued progress in Sri Lanka's economic recovery efforts.

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