The Intentional Monetary Fund (IMF) announced the completion of the second review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing Sri Lanka to draw SDR 254 million (about US$336 million).

This brings the total IMF financial support disbursed so far to SDR 762 million (about US$1 billion).

 The Executive Board also concluded the 2024 Article IV Consultation with Sri Lanka. 

In the official statement released earlier today, the IMF said its directors welcomed the progress made to advance debt restructuring to restore Sri Lanka’s debt sustainability.

However, they called for a swift finalization of the Memorandum of Understanding with the Official Creditor Committee and final agreements with the Export-Import Bank of China.

The directors stressed the importance of seeking comparable, transparent, and timely completion of restructurings with external private creditors consistent with program targets.