The International Monetary Fund (IMF) stated that the Executive Board completed the third review of Sri Lanka's Extended Fund Facility (EFF) arrangement on Thursday (06), which enabled the disbursement of about USD 251.4 million. With the latest tranche, the IMF has disbursed a total of USD 760 million to Sri Lanka.
Issuing a statement following the third review, the IMF Executive Board stated that Sri Lanka's fiscal performance has been satisfactory and all targets until September were met. IMF acknowledged that despite a series of weather-related supply shocks, the macroeconomic and financial conditions have been stable. The release also states that the authorities remain committed to the economic reforms under the program and have undertaken measures to improve government revenue and accumulate international reserves.
Deputy Managing Director and Acting Chair, Mitsuhiro Furusawa stated that, "it is important to build on the progress made and accelerate reforms to further reduce fiscal and external vulnerabilities”. He added that timely progress in structural reforms, including tax administration and energy pricing, will further support fiscal consolidation.
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