COLOMBO (NewsRadio); The International Monetary Fund is expected to make the much awaited announcement on the agreement for financing under an Extended Fund Facility for Sri Lanka on the 21st of March.
Sri Lanka’s International Monetary Fund program will be taken up by the IMF Executive Board on the 20th of March, after all bilateral lenders including India and China gave assurances to re-structure debt.
Financial assurances received by Sri Lanka paved the way for the consideration by the IMF’s Board, the Staff Level Agreement reached on the 1st of September, 2022.
Approval by the Board would also catalyze financing from other creditors, including the World Bank and the Asian Development Bank.
The IMF’ Executive Board is also expected to give the nod to release the first installment of the nine-tranche loan spread over four years.
State Minister Shehan Semasinghe previously said Sri Lanka is expected to receive around USD 330 million as the first tranche on the 22nd of March.
Sri Lanka is going to the IMF for the 17th time.
The IMF arrangement will support the authorities’ program of ambitious reforms, which will help Sri Lanka emerge from its economic crisis and set it on a trajectory of strong and inclusive growth.