February 28, Colombo (LNW): The International Monetary Fund (IMF) is set to review Sri Lanka’s progress under the Extended Fund Facility (EFF) today (28).
This crucial evaluation will be taken up by the IMF’s Executive Board as part of the ongoing financial assistance programme for Sri Lanka.
A staff-level agreement between the IMF and the Sri Lankan authorities was reached back on November 23, 2024 regarding the third review of the country’s EFF programme.
This agreement laid the foundation for the current review and set the stage for further financial support once approved by the IMF’s Executive Board.
Upon approval of the third review, Sri Lanka is expected to gain access to an additional $333 million in financing, which will play a vital role in stabilising the nation’s economy amid its ongoing financial challenges.
The EFF arrangement, which was first approved in March 2023, is a 48-month programme valued at approximately SDR 2.286 billion (about $3 billion), representing 395 per cent of Sri Lanka’s IMF quota.
