IMF Expresses Readiness to Work with New President on Sri Lanka’s Economic Recovery
September 25, Colombo (LNW): The International Monetary Fund (IMF) has announced its willingness to cooperate with newly elected President Anura Kumara Dissanayake in supporting Sri Lanka’s ongoing economic recovery. An IMF spokesperson stated that the organization looks forward to collaborating with President Dissanayake and his team to build on the hard-won gains that have placed Sri Lanka on the path to recovery following its severe economic crisis in 2022.
The timeline for the third review of the IMF’s Extended Fund Facility (EFF) program, which involves a comprehensive US$ 3 billion loan to Sri Lanka, will be discussed with the new administration at the earliest practical opportunity, according to the IMF.
Additionally, the IMF welcomed the announcement of an agreement in principle between Sri Lanka and international bondholders’ representatives, pending certification by Sri Lanka’s Official Creditors Committee. The committee is expected to review and confirm the agreement, a crucial step in the debt restructuring process.
Sri Lanka’s progress under the IMF’s EFF program has been significant, with the country receiving the third tranche of US$ 336 million in June 2024 following the successful second review of the program.
