The International Monetary Fund (IMF) says the Sri Lankan economy is performing well and that the government’s commitment to reforms remains strong.
Speaking at a press briefing held on Thursday (May 14), IMF Communications Department Director Julie Kozack stated that the IMF will continue to work closely with Sri Lankan authorities to assess how best the institution can continue supporting the country.
Kozack noted that Sri Lankan authorities have reached a Staff-Level Agreement for the combined fifth and sixth reviews under the Extended Fund Facility (EFF) programme.
She explained that completion of the review remains subject to approval by the IMF Executive Board, with the relevant Board meeting expected to take place in the coming weeks.
“There were a few prior actions that needed to be completed before we could bring the programme to our Executive Board, and these were the restoration of the cost recovery electricity and fuel pricing, while also protecting the vulnerable,” she said.
According to Kozack, once the review is approved by the IMF Executive Board, Sri Lanka will gain access to approximately US$ 700 million in financing.
She further stated that the Sri Lankan economy and its people have demonstrated “remarkable resilience” in overcoming recent economic shocks.
“The ambitious reforms that Sri Lanka has been painstakingly taking over the last several years under the programme are bearing fruit. And part of the economic resilience that we’re seeing and the strong outcomes that we’re seeing for the Sri Lankan economy are underpinned by these reforms,” Kozack added.
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