State Minister of Finance Shehan Semasinghe has announced that a delegation from the International Monetary Fund (IMF) is scheduled to arrive in Sri Lanka on March 7th for the second review of the Extended Fund Facility (EFF) program.
Semasinghe expressed confidence that the second review, focusing on the third disbursement under the extended fund facility, will span approximately two weeks. He stated, “The second review will commence from the 7th of March, and we are very confident that it will be a smoother review than the first one.”
He highlighted that the initial review faced challenges due to the early stages of implementing the government’s policy decisions. Speaking at a press briefing at the Presidential Media Center on Wednesday (28), Semasinghe emphasized the government’s dedication to addressing the concerns raised during the first review.
The evaluation during the second review will assess the progress made in fulfilling key commitments under the IMF-supported program. This assessment will be conducted in conjunction with the 2024 Article IV consultation, providing a comprehensive evaluation of Sri Lanka’s economic health.
Earlier statements from the IMF indicated that the second review of Sri Lanka’s $2.9 billion bailout could be completed in the first half of 2024, contingent on the country meeting the prescribed debt restructuring and revenue targets outlined in the program.
The IMF executive board had granted approval for the first review of Sri Lanka’s $2.9 billion bailout in December of the previous year, releasing approximately $337 million in funds to address the repercussions of the country’s most severe financial crisis in decades.
