IMF to complete 2nd review of Sri Lanka's bailout package by H1 2024

COLOMBO, Dec. 13 (Xinhua) -- The International Monetary Fund (IMF)'s second review under a bailout package for Sri Lanka is expected to be completed by the end of the first half of 2024, IMF Senior Mission Chief for Sri Lanka Peter Breuer said on Wednesday.

Addressing the IMF's virtual press briefing on the first review of Sri Lanka's 48-month Extended Fund Facility (EFF) Arrangement, he said an IMF delegation is to visit the South Asian nation in March or April 2024.

The third review is expected to be held on or after Oct. 1, 2024, Breuer said.

Breuer said the key to transitioning from stabilization to a full and swift recovery is sustaining reform momentum and strong ownership of reforms.

He urged Sri Lankan authorities to further advance revenue mobilization, align energy pricing with costs, strengthen social safety nets, rebuild external buffers, safeguard financial stability, eradicate corruption and enhance governance.

The Executive Board of the IMF completed Sri Lanka's first review under the bailout package, paving the way for the country to access about 337 million U.S. dollars to support its economic policies and reforms, the IMF said on Tuesday.