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IMF Executive Board to meet next week to decide on Sri Lanka
18 Feb, 2025
The International Monetary Fund (IMF) Executive Board will meet next week to decide on the staff-level agreement with Sri Lanka on the third review under the 4-year Extended Fund Facility (EFF) arrangement.?
The IMF Executive Board calendar shows that the Executive Board will meet on 28th February to discuss and decide on the third review of Sri Lanka under the 4-year Extended Fund Facility (EFF) arrangement.
An International Monetary Fund (MF) team led by Peter Breuer, Senior Mission Chief for Sri Lanka, visited Colombo from November 17 to 23, 2024. After constructive discussions in Colombo, Breuer and Deputy Mission Chief Ms. Katsiaryna Svirydzenka announced that the IMF team reached a staff-level agreement with the Sri Lankan authorities on the third review under the 4-year Extended Fund Facility (EFF) arrangement.
The staff-level agreement is subject to the approval by IMF management and the IMF Executive Board, contingent on: (i) the implementation by the authorities of prior actions including the submission of a 2025 budget consistent with program objectives; and (ii) the completion of financing assurances review, which will focus on confirming multilateral partners? committed financing contributions and whether adequate progress has been made with the debt restructuring to give confidence that the restructuring will be concluded in a timely manner and in line with the program?s debt targets.
Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about US$333 million), bringing the total IMF financial support disbursed under the arrangement to SDR 1,016 million (about US$1,333 million). (Colombo Gazette)
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