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IMF approves US$ 251.4 mn to Lanka

The IMF Executive Board completed the third review of Sri Lanka’s Extended Fund Facility arrangement on Wednesday (6), enabling the disbursement of US$ 251.4 million to the country.

In a statement yesterday, the IMF said the Executive Board completed the third review of Sri Lanka’s economic performance under the programme supported by a three-year extended arrangement under the Extended Fund Facility (EFF) arrangement. “Completion of the review enables the disbursement of the equivalent of approximately US$ 251.4 million, bringing the total disbursements under the arrangement to the equivalent of approx. US$ 759.9 million,” it said.

Sri Lanka’s three-year extended arrangement was approved on June 3, 2016, in the amount of about US$1.45 billion or 185 per cent of quota in the IMF at the time of approval of the arrangement.

The statement said Sri Lanka government’s reform programme, supported by the IMF, aims to reduce the fiscal deficit, rebuild foreign exchange reserves and introduce a simpler, more equitable tax system to restore macroeconomic stability and promote inclusive growth.

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