Sri Lanka receives first tranche of IMF bailout
March 23, 2023 05:12 pm
The Ministry of Finance has received the first tranche of the Extended Fund Facility (EFF) form the International Monetary Fund (IMF).
Accordingly, Secretary to the Ministry of Finance Mahinda Siriwardena confirmed that USD 333 million was received by the Ministry today.
He stated this during a meeting held in this regard with President Ranil Wickremesinghe and the Heads of media institutions.
The Executive Board of the IMF approved the Extended Fund Facility (EFF) to Sri Lanka at its board meeting held on Monday (20 March).
The program will allow Sri Lanka to access financing of up to US$ 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organizations.
The 48-month extended arrangement with an amount of SDR 2.286 billion (395 percent of quota or about USD 3 billion) was approved under the EFF, with the aim of restoring Sri Lanka’s macroeconomic stability and debt sustainability, mitigating the economic impact on the poor and vulnerable, safeguarding financial sector stability, and strengthening governance and growth potential, the IMF said.