Sri Lanka's IMF Milestone: Stability Amidst Global Uncertainties

Sri Lanka has successfully met all targets under the IMF's Extended Fund Facility, signaling economic stability despite global tensions. President Anura Kumara Dissanayake confirmed this development during an IMF delegation's review. The country anticipates a release of USD 700 million as part of a larger bailout package.

In a significant development, Sri Lanka has achieved all targets set under the IMF's Extended Fund Facility programme, according to President Anura Kumara Dissanayake. He shared this achievement during a meeting with an IMF delegation currently visiting Sri Lanka for a critical review of its economic reform programme.

The collaboration is expected to unlock USD 700 million from a USD 2.9 billion aid package. President Dissanayake expressed that despite ongoing global conflicts potentially impacting the economy, efforts are being made to cushion the public from adverse effects.

The IMF acknowledged Sri Lanka's economic strides, highlighting improved growth rates, revenue management, and bolstered foreign reserves. However, the programme, tied to austerity measures, has faced political challenges.

(With inputs from agencies.)