The International Monetary Fund board has approved an Extended Fund Facility of USD 2.9 Billion for Sri Lanka. The country’s Foreign Minister Ali Sabry said, “It’s been a long road but thanks to everyone’s hard work and dedication, we’re well on our way towards better days ! Thank you all creditors and the President for his relentless pursuit of this vital mission.”

All eyes were on Washington as the International Monetary Fund (IMF) Executive Board met to decide on Sri Lanka’s Extended Fund Facility (EFF). 

Furthermore, Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka will hold a briefing on the outcome of the meeting tomorrow, March 21.

Moreover, in March 2023, Sri Lanka received financial guarantees from major bilateral creditors, paving the way for the IMF Board to consider the financing Staff Level Agreement for the EFF reached in September 2022. 

It is worth noting that approval by the Board would encourage financing from other lenders, such as the World Bank and Asian Development Bank (ADB).