IMF team in Colombo this week for first review of EFF

COLOMBO (News 1st); Sri Lankan officials will engage in talks with a team from the International Monetary Fund (IMF) from September 14th on the first review of the Extended Fund Facility (EFF) arrangement for Sri Lanka.

This was confirmed by State Finance Minister Ranjith Siyambalapitiya on Monday (11).

The team from the International Monetary Fund (IMF) is scheduled to visit Colombo between September 14 and 27, 2023, said an IMF spokesperson earlier.

In March 2023, the IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms.

The EFF-supported program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential. 

The Executive Board’s decision enabled an immediate disbursement equivalent to SDR 254 million (about US$333 million) and catalyze financial support from other development partners.