The IMF says the third review will be discussed with the government after the presidential elections.

The International Monetary Fund mission team  says Progress in meeting key commitments under the IMF-supported program will be formally assessed in the context of the third review of the EFF. The timing of the third review will be discussed with the government after the recently announced presidential elections.

The International Monetary Fund mission team led by Senior Mission Chief Mr. Peter Breuer visited Sri Lanka last week, to discuss recent macroeconomic developments and progress in implementing economic and financial policies under the authorities’ economic reform program supported by the IMF’s Extended Fund Facility arrangement.

At the end of the mission, issuing a statement Mr. Breuer said that the economic reform program implemented by the Sri Lankan authorities is yielding commendable outcomes. The recovery continues with real GDP posting three consecutive quarters of expansion, and growth accelerating to 5.3 percent year-on-year in the first quarter of 2024. Inflation remains contained below the Central Bank of Sri Lanka’s 5 percent target and domestic borrowing rates have declined. Gross international reserves increased by US$1.2 billion during the first half of 2024 and reached 5.6 billion US dollars. Fiscal revenue collections increased during the same period. Going forward, these improvements need to translate into better living conditions for all of Sri Lanka’s people.