IMF Executive Board To Meet On 12Th June To Decide On Sri Lanka

2024-06-03 02:55:59

(MENAFN- Colombo Gazette) The International Monetary Fund (IMF) Executive Board is set to review Sri Lanka's progress under the Article IV consultation and the second review of the Extended Fund Facility (EFF) on June 12th.

State Minister of Finance, Shehan Semasinghe said that the crucial session will assess the country's economic policies and reform advancements.

We anticipate the continued support of all nations to ensure a successful review. Unlocking the third tranche will be pivotal in enhancing Sri Lanka's economic stability, growth, and ongoing reform efforts,” he said.

In March the International Monetary Fund reached a staff-level agreement with the Sri Lankan authorities on the second review under the economic reform program supported by a 4-year Extended Fund Facility arrangement.

Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about US$337 million), bringing the total IMF financial support disbursed under the arrangement to SDR 762 million (about US$1 billion).

The EFF arrangement was approved by the IMF Executive Board for a total amount of SDR 2.3 billion (about US$3 billion) on March 20, 2023. (Colombo Gazette)

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