IMF Board to Meet on Sri Lanka’s 5th and 6th Reviews Under Extended Fund Facility Program
The Executive Board of the International Monetary Fund is scheduled to meet on Wednesday (27) to consider approval of the staff-level agreement reached on the 5th and 6th reviews of Sri Lanka’s Extended Fund Facility (EFF) program.
Commenting on the matter, IMF Mission Chief for Sri Lanka Evan Papageorgiou stated that Sri Lanka has made significant progress over the past few years in restoring macroeconomic stability, strengthening foreign reserves, and rebuilding market confidence.
He further noted that the continued efforts of the authorities have helped strengthen confidence among the public, investors, and other stakeholders, thereby contributing to economic stabilization in the country.
However, he also pointed out that recent global developments have created new pressures on Sri Lanka’s economy. Despite these challenges, he praised the country’s current policy framework as being stronger and more resilient compared to previous years.
Meanwhile, the Central Bank of Sri Lanka has expressed confidence that, if the IMF Executive Board grants approval, the expected financial assistance would help maintain the country’s foreign reserves at a stable level.
