IMF Executive Board completes Sri Lanka’s combined Fifth and Sixth Reviews

The Executive Board of the International Monetary Fund (IMF) has completed the combined Fifth and Sixth Reviews of the Extended Fund Facility for Sri Lanka, providing the country with immediate access to SDR508 million (about US$695 million) to support economic policies and reforms.

The IMF completed the combined Fifth and Sixth Reviews of Sri Lanka’s economic reform program supported by the 48-month Extended Fund Facility (EFF) arrangement. Completion of the combined reviews provides SDR508 million (about US$695 million), bringing the total purchases under the arrangement to SDR1.778 billion (about US$2.4 billion), the statement said.

The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The arrangement supports Sri Lanka’s reform program to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) advancing growth-oriented structural reforms.

Following the Executive Board’s discussion, Mr. Kenji Okamura, Deputy Managing Director and Acting Chair, issued the following statement: