International Monetary Fund (IMF) Monday said its Executive Board completed the second review of Sri Lanka’s Extended Fund Facility (EFF) arrangement, which enables the disbursement of about US$ 167.2 million.
On July 17, 2017, the Executive Board of the IMF completed the second review of Sri Lanka’s economic performance under the program 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 SDR 119.894 million (about US$ 167.2 million), bringing total disbursements under the arrangement to the equivalent of SDR 359.682 million (about US$ 501.5 million).
Announcing its decision, the IMF said Sri Lanka’s new Inland Revenue Act will support fiscal consolidation, make the tax system more efficient and equitable, and generate resources for social and development programs.
Further accumulating international reserves and enhancing exchange rate flexibility will help reduce Sri Lanka’s external vulnerability, the IMF said in a statement.