Sri Lanka: IMF team to hold talks with President on EFF program

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe will meet with the International Monetary Fund delegation in Colombo on Tuesday (26).

This meeting will take place at the President's Office, and will mark the conclusion of the first review of the IMF program for Sri Lanka.

Sri Lanka's State Finance Ministers and other officials are expected to attend this meeting.

Sri Lankan officials engaged in talks with a team from the International Monetary Fund (IMF) from September 14th on the first review of the Extended Fund Facility (EFF) arrangement for Sri Lanka.

The team from the International Monetary Fund (IMF) is scheduled to visit Colombo between September 14 and 27, 2023, said an IMF spokesperson earlier.

In March 2023, the IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms.

The EFF-supported program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential. 

The Executive Board’s decision enabled an immediate disbursement equivalent to SDR 254 million (about US$333 million) and catalyze financial support from other development partners.

At the same time, the Government Medical Officer's Association is expected to meet with the IMF team in Colombo to discuss the country's tax reforms and other issues.

In addition, the IMF team will also meet with the MPs from the Samagi Jana Balavegaya on Monday (25).