IMF vows continued support for Sri Lanka

Business Recorder reported that Jain-Chandra described Sri Lanka's macroeconomic position as considerably better, citing very strong fiscal performance and a largely completed debt restructuring. She made the remarks at a press conference during the IMF meetings in Bangkok. According to her, notable progress has also been achieved on structural reforms, including governance.

Staff-level agreement has been reached on the seventh review under the Extended Fund Facility, which unlocks roughly $345 million in financing. Once the review is completed, Sri Lanka will gain access to special drawing rights valued at roughly $345 million. Jain-Chandra said the agreement will go before the IMF board in the coming weeks, and another review mission will follow, ahead of the programme's expiry in March.

Beyond this deal, the IMF plans to keep working with Sri Lankan authorities. Support will also come through a new financial arrangement, along with policy guidance delivered via surveillance or capacity development.