IMF expresses willingness to collaborate with Sri Lanka's new president on economic recovery

COLOMBO - The International Monetary Fund (IMF) has expressed its eagerness to collaborate with Sri Lanka's newly elected President Anura Kumara Dissanayake, said the IMF on Tuesday.

"We look forward to working closely with President Dissanayake and his administration to build on the significant progress made, which has helped steer Sri Lanka toward economic recovery after one of its worst financial crises in 2022," said an IMF spokesperson in a statement.

The IMF said it welcomed the announcement of an agreement in principle between Sri Lanka and international bondholders' representatives, subject to confirmation on comparability of treatment by Sri Lanka's Official Creditors Committee.

The IMF also noted that it plans to discuss the timing of the third review of Sri Lanka's IMF-supported program with the new president as soon as practicable.

In March 2023, the IMF approved a 48-month Extended Fund Facility arrangement, amounting to approximately 3 billion US dollars, to support Sri Lanka's economic reform and recovery efforts.