Sri Lanka successful in securing IMF approval for US$ 377 mn loan tranche

Sri Lanka yesterday reached staff-level agreement with the International Monetary Fund (IMF) on the second review under the economic reform programme supported by a 4-year Extended Fund Facility (EFF) 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).

Having concluded the 2024 Article IV Consultation discussions, the visiting IMF delegation said the staff-level agreement is subject to the approval by IMF management and the IMF Executive Board in the period ahead. 
It would depend on the implementation by the authorities of prior actions and the completion of financing assurances review, which will focus on confirming multilateral partners’ committed financing contributions. It will also depend on whether adequate progress has been made with the debt restructuring to give confidence that the restructuring will be concluded in a timely manner and in line with the programme’s debt targets.

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.