IMF team to visit Sri Lanka on Tuesday for second EFF review

The International Monetary Fund says its second review under the 48-month Extended Fund Facility (EFF) arrangement for Sri Lanka is expected to be completed by the end of the first half of 2024, IMF Senior Mission Chief for Sri Lanka, Peter Breuer disclosed.

IMF team will be visiting the country on March 5, Mr. Breuer said adding that Sri Lankan authorities have to further advance revenue mobilisation, align energy pricing with costs, strengthen social safety nets, rebuild external buffers, safeguard financial stability, eradicate corruption and enhance governance.

The IMF board’s approval provides access to the much-anticipated second tranche of its loan which adds up to SDR 254 million (about US$ 337 million). This will bring the total IMF financial support disbursed thus far to SDR 508 million (approximately $ 670 million).

State Minister of Finance Shehan Semasinghe confirmed that a team from the International Monetary Fund (IMF) is to arrive in Sri Lanka for the second review of the Extended Fund Facility (EFF) programme which is to begin on March 7.

He noted that the second review for the third disbursement under the extended fund facility will be carried out across a period of around two weeks.

“We are very confident that will be a smoother review than the first review.” (Bandula)