IMF says Executive Board to take up SL program on 20 March

The International Monetary Fund (IMF) said yesterday that its Executive Board on 20 March will consider the approval of the Staff Level Agreement reached with the Sri Lankan Government in September last year for $ 2.9 billion four year Extended Fund Facility program.

This is following Sri Lanka having now received financing assurances from all major bilateral creditors, said IMF Asia and Pacific Department Director Krishna Srinivasan.

“Approval by the Board would also catalyse financing from other creditors, including the World Bank and the Asian Development Bank,” Srinivasan said.

“The arrangement will support the authorities’ program of ambitious reforms, that they have already embarked upon, which will help Sri Lanka emerge from its current crisis and set it on a trajectory of strong and inclusive growth,” he added.