A normal view of the Colombo foremost port is seen past the primary wholesale market. The IMF has accomplished the fourth review of Sri Lanka’s $2.9 billion bailout programme, permitting the nation to draw a $350 million tranche from the four-year facility. File
| Photo Credit: Reuters
The IMF has accomplished the fourth review of Sri Lanka’s $2.9 billion bailout programme, permitting the nation to draw a $350 million tranche from the four-year facility.
Amid the island’s unprecedented financial disaster, the International Monetary Fund (IMF) in March 2023 accepted a virtually $3 billion facility to help Sri Lanka’s “efforts to durably restore macroeconomic stability by restoring fiscal and debt sustainability.
The facility helped Sri Lanka revive its bankrupt economic system by constructing its reserves and efficiently negotiating debt restructuring with exterior collectors.
“The Executive Board of the International Monetary Fund (IMF) accomplished the Fourth review underneath the 48-month Extended Fund Facility (EFF) Arrangement, permitting the authorities to draw SDR254 million (about $350 million),” the global lender said in a statement.
This brings the total IMF financial support disbursed so far to SDR1.27 billion (about $1.74 billion).
The reforms that were imposed on the IMF’s insistence have led to economic hardships, which the global lender said were a must to ensure growth and stability.
The unpopular measures led to the change of government in 2024. The current government led by the National People’s Power, which had been critical of the IMF-prescribed reforms and had vowed to review them, continues to stay on course with the IMF programme.
Published – July 02, 2025 10:38 am IST