IMF approves Sri Lanka’s second review under EFFNewsThe Executive Board of the International Monetary Fund (IMF) completed the Sri Lanka’s second review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw US$336 million, the IMF said today. This brings the total IMF financial support disbursed so far to SDR 762 million (about US$1 billion) with the Executive Board concluding the 2024 Article IV Consultation with Sri Lanka. The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. May 2024 inflation was 0.9 percent and gross international reserves increased to US$5.5 billion by end-April 2024, a statement from IMF noted. Despite these positive developments, the economy is still vulnerable and the path to debt sustainability remains knife-edged,” he said.

Source: Sunday Times June 13, 2024 15:44 UTC