IMF Reaches Staff-Level Agreement Amid Sri Lanka's Economic Reform
The International Monetary Fund (IMF) has reached a staff-level agreement with Sri Lanka on the fifth review of the nation's bailout plan. This agreement could provide Sri Lanka with USD 347 million in financing. Structural reforms remain crucial as the country aims to recover from its economic crisis.
- Country:
- Sri Lanka
Sri Lanka's economic comeback took a significant step forward as the International Monetary Fund (IMF) announced a staff-level agreement for the fifth review of the country's bailout program.
Upon approval by the IMF Executive Board, Sri Lanka will access around USD 347 million in funds. The IMF praised Sri Lanka's economic reforms, underscoring the importance of enhancing the Commission to Investigate Allegations of Bribery or Corruption's operations and independence under the Anti-Corruption Act.
Structural reforms have bolstered Sri Lanka's recovery, aiding in inflation control, reserve accumulation, and surpassing real GDP growth and revenue expectations. Approved in March 2023, the USD 3 billion facility aims to help restore macroeconomic stability and fiscal sustainability.
ALSO READ
Deputy Minister Letsike to Champion Feminist Financing at Global Madrid Conference
Innovative Partnership: Biz2X and CapitalXB Revolutionize SME Financing
SBI Poised for Growth: Embracing Acquisition Financing and UPI Innovations
World Bank: Sri Lanka’s Economic Recovery Strong but Incomplete, Structural Reforms Key
EU's Delicate Dance: Financing Ukraine with Frozen Russian Assets
Google News