IMF team arrives in Sri Lanka for third review under EFF program
Posted on November 17th, 2024
Courtesy Adaderana
A team from the International Monetary Fund (IMF), led by its Senior Mission Chief for Sri Lanka Peter Breuer, has arrived in Sri Lanka this evening (17).
The team will remain in in the country until November 23 and during their stay will conduct the third review of Sri Lanka’s economic reform program supported by the IMF’s Extended Fund Facility (EFF).
The team, led by IMF Senior Mission Chief Peter Breuer, will assess Sri Lanka’s economic policies, progress on ongoing reforms, and the implementation of previous agreements with the IMF.
Upon successful completion of the review, the IMF is expected to release the next tranche of the bailout to Sri Lanka. The IMF had approved a 2.9-billion-dollar Extended Fund Facility for Sri Lanka over a 48-month period in tranches to help its economy recover from the economic crisis.
Accordingly, the first tranche of USD 333 million was released on March 21, 2023, followed by a second of USD 337 million on December 13, 2023. The third tranche, totaling USD 337 million, was released on June 13, 2024.
As of now, the IMF has provided more than USD 1 billion to Sri Lanka in the aftermath of the country’s worst economic crisis.