IMF review highlights importance of sustained reforms and improved governance – Julie Chung

US Ambassador to Sri Lanka Julie Chung has expressed her satisfaction over the International Monetary Fund’s (IMF) approval for the second tranche of funds for Sri Lanka under its Extended Fund Facility (EFF).

Taking to ‘X’, formerly known as Twitter, the Ambassador noted that the step was a “crucial step for Sri Lanka”, which “emphasises the continued importance of sustained reforms and improved governance”, not only for the progress of the country, but also to safeguard those who are most vulnerable.

“The United States will continue to support Sri Lanka’s path to economic stability and prosperity”, Ambassador Chung assured.

On 12 December, the IMF completed the first review under the 48-month EFF arrangement for Sri Lanka, which paved the way for an immediate disbursement of the much-anticipated second tranche of the IMF loan which amounts to SDR 254 million (approximately USD 337 million).

This will bring the total IMF financial support disbursed thus far to SDR 508 million (approximately USD 670 million).

The total amount of Sri Lanka’s EFF Arrangement is SDR 2.286 billion (about USD 3 billion) as of the time of program approval on March 20, 2023.