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IMF wants Sri Lanka to meet certain parameters in 2025 budget

07 Feb, 2025

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By Easwaran Rutnam

The International Monetary Fund (IMF) says Sri Lanka must meet certain parameters in the 2025 Budget.

Director of the Communications Department at the IMF Julie Kozack told reporters that on November 23rd, the IMF staff and the Sri Lankan authorities reached a staff-level agreement on the Third Review of Sri Lanka’s Extended?Fund?Facility?(EFF) program.

“Once approved by the IMF’s Executive Board, Sri Lanka will have access to about $333 million in financing. And we expect the Board meeting to take place in the coming weeks,” she said.

Kozack noted that Sri Lanka’s ambitious reform agenda is delivering commendable outcomes.

“The economy expanded by 5.5 percent in the fourth — third quarter of 2024. Average headline and core inflation remain contained well below the target during the fourth quarter of 2024. And international reserves increased to $6.1 billion at the end of 2024,” Kozack said.

Kozack said that Executive Board approval of the agreement with Sri Lanka is contingent upon, among other things, implementation by the authorities of prior actions, including submission of the 2025 budget that is consistent with parameters identified under the program. (Colombo Gazette)

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