Sri Lanka, May 16 — The economy of Sri Lanka is showing good performance, with a strong dedication to reforms from the government, and the IMF will maintain close collaboration with the authorities to determine the most effective ways to support them, stated Julie Kozack, Director of the IMF Communications Department, during a press conference held on Thursday (14).
Kozack mentioned that Sri Lankan officials achieved a Staff-Level Agreement for the fifth and sixth combined review under the EFF. The conclusion of the review depends on approval from the IMF Executive Board, with a meeting scheduled in the near future. “Some previous steps had to be finalized before we could present the program to our Executive Board, including restoring cost recovery, adjusting electricity and fuel prices, while ensuring support for the vulnerable. After the review is approved by our Executive Board, Sri Lanka will gain access to approximately US$ 700 million in funding.”
“The Sri Lankan economy and its people have demonstrated incredible resilience amid challenges. The ambitious reforms that Sri Lanka has been carefully implementing over the past few years within the program are now yielding results. Part of the economic resilience observed and the positive outcomes seen in the Sri Lankan economy are supported by these reforms,” she stated.
