State Finance Minister, Dr. Ranjith Siyambalapitiya, has officially confirmed that the inaugural review of the Extended Fund Facility (EFF) arrangement for Sri Lanka is slated to kick off on September 14. The discussions will bring together Sri Lankan officials and a team from the International Monetary Fund (IMF), who are scheduled to be in Colombo from September 14 to September 27.
Earlier, the IMF Board had given the green light to a 48-month extended arrangement under the Extended Fund Facility (EFF), providing a substantial sum of US$3 billion. This funding is designed to bolster Sri Lanka’s economic policies and reforms.
The overarching objectives of this EFF-supported program encompass the restoration of macroeconomic stability and debt sustainability, the safeguarding of financial stability, and the acceleration of structural reforms aimed at unlocking Sri Lanka’s growth potential. Importantly, all measures under this program are crafted with due consideration for the welfare of the most vulnerable segments of society and a commitment to enhancing governance.
During a recent meeting held in Avissawella, the State Minister emphasized that Sri Lanka is diligently fulfilling its obligations, not only with regard to bilateral loans but also other loan installments. Presently, the country maintains foreign reserves amounting to US$3.6 billion, underlining its financial stability and commitment to economic progress.
