IMF vows continued support for Sri Lanka
Sri Lanka’s macroeconomic situation is “much improved,” with its fiscal performance very strong and debt restructuring largely complete, Jain-Chandra said in a press conference during the IMF meetings in Bangkok. She also said important improvements were made on structural issues, including governance. Earlier this month, the IMF reached a staff-level agreement with Sri Lanka on the seventh…
The International Monetary Fund (IMF) has pledged ongoing assistance to Sri Lanka, expressing satisfaction with the country's recent macroeconomic improvements. Speaking at a press conference during IMF meetings in Bangkok, Jain-Chandra highlighted the strong fiscal performance and the completion of debt restructuring as key factors in Sri Lanka's economic recovery.
In addition to fiscal gains, Jain-Chandra noted significant advancements in structural issues, particularly in governance. Earlier this month, the IMF and Sri Lanka reached a staff-level agreement on the seventh review under the Extended Fund Facility, paving the way for the release of approximately $345 million in financing. This agreement will grant Sri Lanka access to the IMF's special drawing rights, equivalent to about $345 million, upon the successful completion of the review process.
Jain-Chandra stated that the agreement will undergo consideration by the IMF's board in the coming weeks, followed by another review mission before the program's expiration in March. Beyond this crucial agreement, the IMF remains committed to supporting Sri Lanka's authorities. This commitment includes providing financial arrangements and offering policy advice through surveillance and capacity development initiatives, as emphasized by Jain-Chandra.
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- IMF vows continued support for Sri Lanka channelnewsasia.com
