An IMF staff team will visit Colombo in a month's time for the first review on Sri Lanka's loan programme, a spokesperson said on Tuesday.
The Washington-based lender approved a nearly $3 billion bailout for crisis hit Sri Lanka in March. The Asian island is struggling with its worst financial crisis in over seven decades, triggered by a severe shortage of foreign exchange.
The first review will take place from September 14 through the 27 and considers the programme's performance until end-June, and if approved by both the staff and the executive board, would allow a disbursement of around $338 million.
The objectives of the EFF-supported program are to restore macroeconomic stability and debt sustainability, safeguarding financial stability, and stepping up structural reforms to unlock Sri Lanka’s growth potential.
All program measures are mindful of the need to protect the most vulnerable and improving governance. FOX
