Sri Lanka’s deal with the International Monetary Fund to unlock the US $ 2.9 billion Extended Fund Facility (EFF) will be mainly building international reserves to meet external payments and Support of macroeconomic adjustment and structural reform programmes amidst economic and political crises, Former Finance Minister Ravi Karunayake underlined.
The World Bank has agreed to extend the aid for the agriculture sector modernization project implemented to introduce new technology to the agriculture sector in Sri Lanka for another 18 months.
Hot on the heels of the worst ever contraction of 7.8% in 2022, the economy’s struggle is persisting and recovery remains most challenging this year as well judging by the latest update from the Purchasing Managers Indices.
