First review of IMF- EFF programme to Sri Lanka commences

The first review of the Extended Fund Facility (EFF) programme of the International Monetary Fund (IMF) to Sri Lanka commenced today (Sep 14).

Taking to ‘X’, State Minister of Finance Shehan Semasinghe said the review is a significant milestone towards securing the second tranche for Sri Lanka.

He further stated that this will enhance confidence in Sri Lanka’s economic recovery and stability.

“The successful completion of the first IMF review puts Sri Lanka in a strong position for economic recovery and sets a promising pathway for growth in 2024,” the State Minister said.

The team from the International Monetary Fund will visit Sri Lanka between September 13 and 27, 2023.

In March 2023, the IMF Board approved a 48-month extended arrangement under its EFF programme of about US$3 billion to support Sri Lanka’s economic policies and reforms.

The Executive Board’s decision enabled an immediate disbursement equivalent to about US$333 million and opening up financial support from other development partners.