IMF Pledges Support for Sri Lanka’s Economic Recovery Under New President

News Today: IMF Ready to Work with New Lankan President for Economic Recovery.

The International Monetary Fund (IMF) expressed its willingness to cooperate with Sri Lanka’s new President, Anura Kumara Dissanayake, to support the country’s ongoing economic recovery. An IMF spokesperson emphasized their readiness to work closely with the new administration to build on Sri Lanka’s hard-earned progress, following one of its worst economic crises in 2022.

The IMF will discuss the timeline for the third review of the Extended Fund Facility (EFF) program, which includes a US$ 3 billion loan, at the earliest practical opportunity with President Dissanayake’s government. The IMF also welcomed the recent agreement between Sri Lanka and its international bondholders, which is subject to verification by the country’s Official Creditors Committee.

This agreement is viewed as a significant step in Sri Lanka’s ongoing debt restructuring efforts. The IMF looks forward to seeing progress in this process, which is crucial for the country’s long-term financial stability.

Following the second review of the EFF program, Sri Lanka received the third tranche of US$ 336 million in June 2024, signaling continued support from the IMF for the nation’s economic reform agenda.