![]() ![]() Revenues and signal better governance by adopting needed tax measures, We welcome the authorities’ commitment to increase “Sustaining the reform momentum is of paramount importance in steering theĮconomy towards a sustained recovery and fostering stable, inclusiveĮconomic growth. Will be key to resolving uncertainty that is constraining Sri Lankan On debt treatments consistent with restoring debt sustainability quickly Sri Lanka’sĮxternal position has weakened as a result of prolonged debt restructuringĭiscussions, and reserve accumulation has slowed in recent months. Growth momentum remains subdued, with real GDP in the second quarterĬontracting by 3.1 percent on a year-on-year basis and high-frequencyĮconomic indicators continuing to provide mixed signals. Despite theseĮarly signs of stabilization, full economic recovery is not yet assured. March-June this year, and shortages of essentials have eased. Inflation is downįrom a peak of 70 percent in September 2022 to 1.3 percent in SeptemberĢ023, gross international reserves increased by $1.5 billion during “The economy is showing tentative signs of stabilization. Measures to support the fiscal consolidation during 2024 in line with Sri Lanka is the first country in Asia that has undergone the IMF Most structural benchmarks were either met or implemented All indicative targets were also met except the one on Quantitative performance criteria for end-June met, except the one onĮxpenditure arrears. Program performance at end-June was satisfactory, with all “The authorities remain committed to the ambitious reform agenda under theĮFF and their reform efforts have been commendable, including rapidĭisinflation and a significant fiscal adjustment expected by the end of Support disbursed under the arrangement to SDR 508 million (about US$660 SDR 254 million (about US$330 million), bringing the total IMF financial “Upon approval by the IMF Executive Board, Sri Lanka would have access to That the restructuring will be concluded in a timely manner and in line Of financing assurances reviews, which will include confirming whetherĪdequate progress has been made with debt restructuring to give confidence ![]() Implementation by the authorities of all prior actions (ii) the completion The IMF Executive Board in the period ahead, contingent on: (i) the “The staff-level agreement is subject to the approval by IMF management and The arrangement was approved by the IMF Executive Board for a totalĪmount of SDR 2.3 billion (about US$3 billion) on March 20, 2023. “The IMF team reached a staff-level agreement with the Sri LankanĪuthorities on the first review under an economic reform program supportedĤ8-month Extended Fund Facility (EFF) arrangement Katsiaryna Svirydzenka issued the following statement: Washington DC: After constructive discussions with theĪuthorities in Colombo and during the Annual Meetings in Marrakech, IMF ![]() ![]() Completion of the review by the IMF’s Executive Board requires: (i) the implementation by the authorities of all prior actions and (ii) the completion of financing assurances reviews.Sustaining the reform momentum and addressing governance weaknesses and corruption vulnerabilities are critical to put the economy on a path towards lasting recovery and stable and inclusive growth. Macroeconomic policy reforms are starting to bear fruit and the economy is showing tentative signs of stabilization.Sri Lanka will have access to SDR 254 million (about US$330 million) in financing once the review is approved by IMF Management and IMF Executive Board. IMF staff and the Sri Lankan authorities have reached a staff-level agreement on economic policies to conclude the first review of the 48-month EFF-supported program.Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. ![]()
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