IMF approves $695 million program funding for Sri Lanka

Sri Lanka
By Editor_1

WASHINGTON/COLOMBO – The International Monetary Fund (IMF) on Wednesday (27) approved two reviews of Sri Lanka’s loan program, making $695 million in additional loans immediately available to the crisis-hit island nation.

It is the latest tranche in the country’s four-year $3 billion bailout, with the Fund warning of further risks due to the economic impact of the Iran war.

The funds will increase Sri Lanka’s foreign currency reserves, ​which dipped 3.8% to $6.7 billion at the ​end of April from the prior month as ⁠the island nation grapples with soaring energy prices ​as a result of the US- Israel war ​on Iran.

Sri Lanka’s central bank raised its benchmark policy rate by an unexpected 100 basis points on Tuesday (26) to restrain ​currency depreciation and inflation, which has risen from ​2.2% in March to 5.4% last month.

“Sri Lanka’s strong implementation under the EFF arrangement has continued despite challenging circumstances,” said Kenji Okamura, the IMF’s Deputy Managing Director and Acting Chair.

“Gains from the economic reform program helped preserve economic resilience and provided room to respond to cyclone Ditwah and the Middle East war. The latter, however, has significantly worsened Sri Lanka’s economic outlook and tilted risks to the downside.”

The IMF projects 2026 growth to slow to 3%, with higher oil prices increasing inflation and weighing on the current account balance.

The IMF board’s approval was contingent on Sri Lanka adjusting certain energy market subsidies issued in the wake of the war.

Wednesday’s statement said the Sri Lankan authorities had met the Fund’s requirements on fuel and electricity prices meeting cost-recovery criteria.

Criteria on ensuring no new external debts and on not imposing or intensifying import restrictions “were not observed,” however.

-AFP /ENCL

Editor_1
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