Approval of the review could enable Sri Lanka to access nearly 700 million US dollars in financial assistance.
Speaking on the matter, Julie Kozack said a staff-level agreement between IMF officials and Sri Lankan authorities had been reached on April 9. However, she noted that the review process still requires formal approval from the IMF Executive Board.
Kozack further stated that several prior conditions needed to be fulfilled before the programme could be submitted to the Board. These measures included restoring cost-reflective pricing for electricity and fuel while safeguarding vulnerable communities, as well as completing the financing assurances review process.
