The International Monetary Fund on Friday announced it had completed its first review of the Extended Fund Facility granted to Sri Lanka, and would approve US $162.6 million disbursement.
The three year program was approved in June, allowing US $1.45 billion.
"The government’s reform program, supported by the IMF, aims to reduce the fiscal deficit, rebuild foreign exchange reserves, and introduce a simpler, more equitable tax system to restore macroeconomic stability and promote inclusive growth," the IMF said in a statement.
"Going forward, there is a need to strengthen the supervisory and regulatory framework, and identify and mitigate vulnerabilities in the financial sector, particularly with regard to non-banks and state-owned banks," acting chair and deputy managing director, Tao Zhang said.
See here for full statement.
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