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IMF approves US $167 million tranche after Sri Lanka review process

A US $167.2 million disbursement has been approved by the Executive Board of the International Monetary Fund (IMF) after completing the second review of Sri Lanka’s Extended Fund Facility (EFF).

The IMF Executive board completed the review on Monday, allowing for the release of US $167.2 million which forms part of a 3 year arrangement to provide up to US $1.45 billion of assistance during Sri Lanka’s monetary reform process.

To date a total of approximately US $501.5 million has been released to Sri Lanka, reports adaderena.lk.

Following the Executive Boards review, the Acting Chair and Deputy Managing Director said,

““Sri Lanka’s performance under the Fund-supported program has been broadly satisfactory. Macroeconomic and financial conditions have been stable, despite severe weather events and global market volatility. The authorities launched fundamental income tax reform, undertook meaningful corrective actions to achieve program targets on international reserves, and remain committed to the reform program. Going forward, the reform momentum should strengthen further with greater ownership, building on the progress made so far.”