Colombo, February 28, 2024 (AFP) - A delegation from the International Monetary Fund (IMF) is scheduled to arrive in Sri Lanka for the second review of the Extended Fund Facility (EFF) program, commencing on March 7, as confirmed by State Minister of Finance Shehan Semasinghe.
The forthcoming assessment aims to evaluate the nation's adherence to key commitments outlined in the IMF-supported program. This evaluation will occur within the context of the second review of the EFF arrangement and coincide with the 2024 Article IV consultation, which delves into Sri Lanka's overall economic condition.
Notably, the IMF had previously indicated that the completion of the second review of Sri Lanka's $2.9 billion bailout could occur in the first half of 2024, contingent upon the country's fulfillment of debt restructuring and revenue targets outlined within the program.
In December of the preceding year, the IMF executive board approved the first review of Sri Lanka's $2.9 billion bailout, disbursing approximately $337 million to assist in addressing the repercussions stemming from the nation's most severe financial crisis in decades.
The impending visit of the IMF delegation underscores the critical juncture at which Sri Lanka finds itself, with the nation's economic health subject to rigorous scrutiny amidst ongoing efforts to navigate through challenging financial terrain.
