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Sri Lanka  Economy Stabilizing
World Economy

Sri Lanka Economy Stabilizing

Since the start of the three-year Extended Arrangement in June 2016, Sri Lanka’s economy, supported by appropriate monetary and fiscal policies, has begun to stabilize, the International Monetary Fund said in a press release, economynext reported. Releasing the first review under the extended arrangement under the extended fund facility, the IMF said Sri Lanka made progress in structural reforms aimed at revenue mobilization and expenditure management, albeit with some delays. The Executive Board of the IMF on November 18 completed the first review of Sri Lanka’s economic performance under the program supported by a three-year extended arrangement under the Extended Fund Facility arrangement.  The arrangement was approved on June 3, 2016 to the amount of about SDR 1.1 billion ($1.5 billion). Completion of the review enables the disbursement of the second tranche of about $162.6 million, bringing total disbursements under the arrangement to the equivalent of SDR 239.788 million (about $325.1 million).

 

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