IMF Executive Board to review Sri Lanka’s progress on 12 June

Tuesday, 4 June 2024 02:44 - - {{hitsCtrl.values.hits}}

State Minister of Finance Shehan Semasinghe

State Minister of Finance Shehan Semasinghe anno-unced yesterday that the International Monetary Fund (IMF) Executive Board is scheduled to review Sri Lanka’s progress under the Article IV consultation and the second review of the Extended Fund Facility (EFF) on 12 June.

Taking to ‘X’, he highlighted the importance of this session, noting that it 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,” Semasinghe noted.

Last month, IMF Director Communications Julie Kozack confirmed that IMF staff and the Sri Lankan Government had reached a staff-level agreement on economic policies to conclude the second review of the four-year EFF-supported program and the 2024 Article IV Consultation.

“Once the review is approved by IMF Management and completed by the IMF Executive Board, Sri Lanka will have access to about $ 337 million in financing,” Kozack added.

The release of this tranche is seen as a critical step for Sri Lanka, which has been grappling with economic challenges and is working towards comprehensive reforms to ensure long-term stability and growth.