IMF Board To Review Sri Lanka In Coming Weeks

COLOMBO (News 1st); The Executive Board of the International Monetary Fund is expected to meet in the coming weeks to decide on approving the staff level agreement that was reached between the IMF staff and the Sri Lankan authorities, confirmed Julie Kozack, the spokesperson for the fund.

Responding to a question posed by News 1st's Zulfick Farzan during a press conference held in Washington, DC on Thursday (22), she stressed that IMF Executive Board approval is contingent on the implementation of prior actions relating to restoring electricity cost-recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism.

She further stressed that the board approval will also be contingent on the completion of financing assurances review, which will focus on confirming multilateral partners’ committed financing contributions. 

The International Monetary Fund (IMF) staff reached a staff-level agreement on the fourth review of the country’s economic program on April 25. Once formally approved, Sri Lanka will gain access to a disbursement of $334 million under its ongoing IMF arrangement.

However, approval is contingent on the completion of implementing the aforementioned necessary reforms.