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IMF Initiates Second Review of Sri Lanka’s Bailout Package, Aims for Economic Stability and Growth

March 7, 2024 7:05 am

Sri Lanka

The International Monetary Fund (IMF) is set to embark on the second review of Sri Lanka’s Extended Fund Facility (EFF) program starting today, March 7. The review process will kick off with an opening meeting between IMF representatives and President Ranil Wickremesinghe.

Finance State Minister Shehan Semasinghe, using his X handle (formerly Twitter), announced this significant development, emphasizing its pivotal role in the government’s ongoing efforts to bolster stability and economic growth in the country.

According to Minister Semasinghe, the government is optimistic about the successful conclusion of the review and the subsequent achievement of a staff-level agreement. This agreement is crucial as it will pave the way for Sri Lanka to access the third tranche of the IMF bailout package.

In his statement, Minister Semasinghe articulated that a positive outcome from this review will not only contribute to the economic stability of the nation but also accelerate its growth trajectory. He expressed confidence that achieving this milestone will instill increased confidence in the economy, signaling positive prospects for Sri Lanka’s future.

The EFF program, endorsed by the IMF, represents a strategic collaboration aimed at supporting Sri Lanka in overcoming economic challenges and fostering sustained growth. The ongoing reviews serve as a mechanism to assess the progress of the program, ensuring alignment with agreed-upon targets and objectives.

As Sri Lanka engages in this critical review, stakeholders remain watchful for the outcomes that will shape the nation’s economic landscape in the coming months.

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