IMF to work together with President to support economic recovery

The International Monetary Fund (IMF) said that it expects to cooperate with the new President Anura Kumara Dissanayake to support the recovery of Sri Lanka’s economy. In a statement, an IMF Spokesperson said that they look forward to working together with President Dissanayake and his team towards building on the hard won gains that have helped put Sri Lanka on a path to economic recovery since entering one of the country’s worst economic crises in 2022.

The timeline for the third review of the IMF Extended Fund Facility (EFF) programme of US$ 3 billion comprehensive loan to Sri Lanka will be discussed with the new administration at the first practical opportunity by the IMF.

The IMF stated that it welcomes the announcement of an agreement in principle between Sri Lanka and international bondholders’ representatives, subject to certification by Sri Lanka’s Official Creditors Committee.

Sri Lanka’s Official Creditors Committee is scheduled to consider the agreement made with International bondholders’ representatives for confirmation on comparability if it’s a debt remedy. The IMF stated that this represents significant progress in Sri Lanka’s debt restructuring process.

After the second review of the IMF’s EFF programme, Sri Lanka received the third tranche of US$ 336 million in June, 2024.

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