IMF Board Meeting on Sri Lanka Program Review Expected in Coming Weeks

International Monetary Fund Communications Director Julie Kozack stated that the IMF Executive Board is expected to meet in the coming weeks to consider approval of the staff-level agreement reached regarding the 5th and 6th reviews of Sri Lanka’s Extended Fund Facility (EFF) program.

She made these remarks while responding to a question raised by a journalist regarding Sri Lanka during the IMF’s monthly press briefing held in Washington, D.C. yesterday (Thursday).

Julie Kozack stated that IMF officials and Sri Lankan authorities reached a staff-level agreement on April 9 regarding the 5th and 6th reviews of the Extended Fund Facility program.

However, she noted that the agreement still requires approval from the IMF Executive Board, and the relevant meeting is expected to take place in the coming weeks.

She further explained that several conditions must be fulfilled before receiving final Board approval.

In particular, Sri Lanka must continue implementing cost-recovery pricing mechanisms for electricity tariffs and fuel pricing, while also ensuring protection for vulnerable and low-income communities affected by economic reforms.

Additionally, she stated that the financial assurance review process must also be completed before final approval is granted.