IMF completes review on Lanka’s fund facility | Sunday Observer

IMF completes review on Lanka’s fund facility

The Executive Board of the International Monetary Fund (IMF) completed the Sixth Review of Sri Lanka’s economic performance under the program supported by an extended arrangement under the Extended Fund Facility (EFF) on Friday.

The completion of the sixth review, upon the granting of a waiver of non‑observance for the end‑June 2019 performance criterion on the primary balance, enables the disbursement of SDR 118.5 million (about US$164 million), bringing total disbursements under the arrangement to SDR 952.23 million (about US$1.31 billion).

Sri Lanka’s extended arrangement was approved on June 3, 2016, in the amount of about SDR 1.1 billion (US$1.5 billion, or 185 percent of quota in the IMF at that time of approval of the arrangement.

On May 13, 2019, the Executive Board approved an extension of the arrangement by one additional year, until June 2, 2020, with rephasing of remaining disbursements.

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