International Monetary Fund staff and debt-ridden Sri Lankan authorities on Thursday reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion.
An IMF mission led by Peter Breuer and Masahiro Nozaki visited Colombo from 24 August to 1 September, 2022, to continue discussions on IMF support for Sri Lanka and the authorities’ comprehensive economic reform programme. “The Sri Lankan authorities and the IMF team have reached a staff-level agreement to support the authorities’ economic adjustment and reform policies with a new 48-month (EFF) with a requested access of about SDR 2.2 billion (equivalent to USD 2.9 billion),” said Breuer and Nozaki’s . Sri Lanka’s new Fund-supported programme aims to restore macroeconomic stability and debt sustainability while safeguarding financial stability, protecting the vulnerable, and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s growth potential. Read the IMF press release. Debt relief fromLanka’s creditors and additional financing from multilateral partners will be required to help ensure debt sustainability.
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