IMF facility for Sri Lanka remains unchanged - News Summed Up

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IMF facility for Sri Lanka remains unchanged


IMF facility for Sri Lanka remains unchanged By Bandula Sirimanna View(s): View(s):The International Monetary Fund (IMF) has given an assurance to Sri Lanka that the Extended Fund Facility arrangement of around US$1.5 billion will remain unchanged, as approved in June 2016, IMF official sources said. Government authorities requested to extend the EFF arrangement for an additional year, until early June 2020, to allow more time for the completion of the economic reform agenda, IMF Sri Lanka mission chief Manuela Goretti told the Business Times. Subject to the IMF Board’s approval of the extension request, this is expected to be spread evenly into three tranches, over three reviews. Accordingly, the amount of the next tranche for the completion of the fifth review is expected to be about $165 million. The US dollar amount of each tranche will be determined based on the value of the IMF’s SDR (Special Drawing Rights) at the time of IMF Board approval of the disbursement, she added.


Source: Sunday Times April 06, 2019 19:41 UTC



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