Sri Lanka must fulfill two key criteria to obtain approval from the International Monetary Fund’s (IMF) Executive Board for the fifth review of its loan program, the Fund announced.
According to the IMF, Sri Lanka is required to (1) prepare and adopt the 2026 national budget in line with the parameters of the IMF-supported loan program, and (2) complete the review of financial guarantees to ensure sufficient progress in confirming financial contributions from multilateral partners and debt restructuring efforts.
Upon the completion of the Executive Board review, Sri Lanka will receive approximately US$ 347 million, increasing the total IMF financial assistance under this loan arrangement to about US$ 2.04 billion, the Fund said.
A press conference was held yesterday (09) morning under the chairmanship of Mr. Evan Papageorgiou, Head of the IMF Mission to Sri Lanka, to announce that a staff-level agreement had been reached between the Sri Lankan authorities and the IMF for the fifth review of the Extended Fund Facility (EFF) arrangement. It was noted that the staff-level agreement remains subject to the approval of the IMF Executive Board.
Mr. Papageorgiou was joined at the press conference by Ms. Martha Woldemichael, the IMF’s Resident Representative to Sri Lanka.
