IMF delays Sri Lanka’s third review until after Presidential Poll
The International Monetary Fund (IMF) will conduct the third review of Sri Lanka’s Extended Fund Facility (EFF) after the upcoming presidential election, as confirmed by official sources.
A senior official from the Finance Ministry said an IMF team will arrive in Sri Lanka for this review following the elections. Previously, an IMF mission team, led by Senior Mission Chief Peter Breuer, visited Sri Lanka from July 25 to August 2, 2024. At the conclusion of this visit, Mr. Breuer emphasised that any policy deviations could endanger Sri Lanka’s recovery process.
A former Treasury secretary highlighted the importance of continuing the IMF-backed economic reform programme and meeting the structural benchmarks to secure further disbursements from the US$2.9 billion EFF. So far, Sri Lanka has received $1 billion under this arrangement, spread over three tranches.
The structural benchmarks, along with the revenue and expenditure figures agreed upon with the IMF, are fixed and cannot be altered, the former official noted. These benchmarks are vital for achieving the programme’s objectives and serve as indicators to evaluate the programme’s implementation.
The IMF Executive Board periodically reviews the programme to determine if it is on track or requires adjustments due to new circumstances.
If Sri Lanka fails to meet any specific, measurable conditions such as monetary and credit aggregates, international reserves, fiscal balances, or external borrowing, the Executive Board may grant a waiver, provided the deviation is minor, temporary, or corrective actions are being taken.
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