President Ranil Wickremesinghe has called for a meeting on Monday, March 11, with leaders of recognized opposition parties in parliament and a high-level delegation from the International Monetary Fund (IMF). The session, set to take place at the Presidential Secretariat, will provide opposition leaders an opportunity to engage with the IMF’s proposals and discuss key economic matters.
The IMF’s Senior Mission Chief for Sri Lanka, Peter Breuer, is leading the delegation for the second review of the Extended Fund Facility (EFF) program in the country. The review process commenced on March 7 with a meeting between President Wickremesinghe and Mr. Breuer, who expressed optimism about the program’s effectiveness and the positive outcomes resulting from the commitment of Sri Lankan authorities.
President Wickremesinghe, in response, reiterated the government’s unwavering dedication to sustaining economic momentum and advancing the nation’s economic agenda. Finance State Minister Shehan Semasinghe highlighted the government’s aim to conclude a successful review by June and secure a staff-level agreement, unlocking the third tranche of the IMF’s bailout package totaling USD 2.9 billion.
The IMF executive board had previously indicated that the second review could be completed in the first half of 2024, contingent on meeting debt restructuring and revenue targets outlined in the program. The first review was approved in December 2023, providing approximately USD 337 million as the second tranche to address the fallout from Sri Lanka’s severe financial crisis. The initial tranche was disbursed in March 2023, following the approval of the 48-month EFF program.
