4th Review of Sri Lanka Completed By IMF

The Executive Board of the International Monetary Fund has completed the fourth review of Sri Lanka’s economic performance under the program supported by a three-year Extended Arrangement under the Extended Fund Facility arrangement.

The completion of this review enables the disbursement of the equivalent of US$ 252 million bringing total disbursements under the arrangement to the equivalent of US$ 1,014 million.

Sri Lanka’s three-year extended arrangement was approved on June 3, 2016, in the amount of about US$1.5 billion, or 185 percent of quota in the IMF at that time of approval of the arrangement.

Following the Executive Board’s discussion of the review, Acting Chair and Deputy Managing Director Mitsuhiro Furusawa said Sri Lanka has made important progress under its Fund-supported program.

He said the government’s efforts to improve the policy mix through fiscal consolidation, prudent monetary policy, and landmark structural reforms are supporting the economic recovery, despite recent shocks.