The Extended Fund Facility consensus (EFF) between Sri Lanka and the International Monetary Fund (IMF) has undergone its first review, and the Ceylon Chamber of Commerce applauds the government of Sri Lanka for achieving a staff-level consensus on it.
In a statement, the IMF noted that the preliminary debt restructuring agreement with the Export-Import Bank of China, which covers roughly US$4.2 billion of Sri Lanka’s debt, is another significant development. If approved by the IMF’s Management and Executive Board, this agreement is expected to give Sri Lanka access to the second tranche, or approximately USD330 million in financing. Additionally, this deal is a crucial part of Sri Lanka’s financial assurances.
While recognising these successes, we urge the government to keep up the pace of the ongoing reform agenda in order to guide the economy towards long-term recovery and steady, inclusive growth.
The Ceylon Chamber added that the IMF’s Governance Diagnostic Assessment is in line with its own call for changes in these crucial areas, stressing the importance of addressing ongoing concerns relating to governance shortcomings and corruption risks.
In order to manage the nation’s financial difficulties and put Sri Lanka back on a road to growth, community effort is essential, the statement continued. “We urge Sri Lankan citizens to take ownership of the reform agenda.
