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Sri Lankan President to Meet IMF Delegation for First Review

Sri Lankan President Ranil Wickremesinghe is scheduled to hold a crucial meeting with a delegation from the International Monetary Fund (IMF) in Colombo on Tuesday, September 26. This meeting, to be held at the President’s Office, marks the conclusion of the first review of the IMF program for Sri Lanka.

The meeting is expected to be attended by Sri Lanka’s State Finance Ministers and other government officials. Discussions with the IMF team have been underway since September 14th, focusing on the initial review of the Extended Fund Facility (EFF) arrangement for Sri Lanka.

The IMF team’s visit to Colombo is part of a scheduled visit taking place from September 14 to September 27, 2023. In March 2023, the IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF), providing SDR 2.286 billion (approximately US$3 billion) to support Sri Lanka’s economic policies and reforms.

The EFF-supported program has a multi-faceted approach, aiming to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on vulnerable populations, safeguard the stability of the financial sector, and enhance governance and growth prospects. The IMF’s decision also led to an immediate disbursement of SDR 254 million (about US$333 million) and the mobilization of financial support from other development partners.

In parallel, the Government Medical Officer’s Association is expected to hold discussions with the IMF team in Colombo, addressing issues related to the country’s tax reforms and other relevant matters.

Furthermore, the IMF team will engage with members of the Samagi Jana Balavegaya political party on Monday, September 25, as part of their comprehensive engagement during their visit to Sri Lanka.

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