First review of EFF on September 14 | Sunday Observer

First review of EFF on September 14

12 September, 2023

State Finance Minister Dr. Ranjith Siyambalapitiya has confirmed that the first review of the Extended Fund Facility (EFF) arrangement for Sri Lanka will begin on September 14 between Sri Lankan officials and the International Monetary Fund (IMF) team. The IMF team is scheduled to stay in Colombo  from September 14 to September 27. The IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of US$3 billion to support Sri Lanka’s economic policies and reforms.

The objectives of the EFF-supported programme are to restore macroeconomic stability and debt sustainability, safeguarding financial stability, and stepping up structural reforms to unlock Sri Lanka’s growth potential. All programme measures are mindful of the need to protect the most vulnerable and improve governance.

The State MInister said in a meeting held in Avissawella recently that the country is not only paying bilateral loans, but the Government is paying all other loan installments. The country has foreign reserves of US $3.6 billion at present.