The International Monetary Fund (IMF) team Sri Lankan authorities have reached a staff-level agreement on economic policies to conclude the first review of the 48-month EFF-supported program.

Accordingly, Sri Lanka will have access to SDR 254 million (about US$330 million) in financing once the review is approved by IMF Management and IMF Executive Board.

“Macroeconomic policy reforms are starting to bear fruit and the economy is showing tentative signs of stabilization,” the IMF team said in the end-of-mission statement.

“Sustaining the reform momentum and addressing governance weaknesses and corruption vulnerabilities are critical to put the economy on a path towards lasting recovery and stable and inclusive growth.”

However, it noted that the completion of the review by the IMF’s Executive Board requires the implementation by the authorities of all prior actions, and the completion of financing assurances reviews.

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