An International Monetary Fund (IMF) staff team will visit Colombo next month for the first review on Sri Lanka’s loan programme, a spokesperson said on Tuesday.
The Washington-based lender approved a nearly $3 billion bailout for Sri Lanka in March. The country is struggling with its worst financial crisis in over seven decades, triggered by a severe shortage of foreign exchange.
The first review will take place from September 14 to 27 and considers the programme’s performance until end-June, and if approved by both the staff and the executive board, would allow a disbursement of around $338 million.The previous IMF’s staff mission to the country was in May, when the Fund’s authorities said that “the overall macroeconomic and policy environment remains challenging.” (Reuters)