Eight-day IMF review from September 11

The International Monetary Fund (IMF) is set to conduct the first review of Sri Lanka's $2.9 billion bailout package from September 11-19. State Minister of Finance Ranjith Siyambalapitiya confirmed that the country had fulfilled the nine conditions stipulated by the IMF for the bailout. 

 

 

Sri Lanka faced a severe economic crisis with plummeting foreign exchange reserves, leading to the need for external and domestic debt restructuring. The review will involve the Central Bank of Sri Lanka and the Ministry of Finance. 

 

 

The bailout's release is spread over eight tranches until 2027, with approximately $350 million becoming available after the upcoming review. 

 

 

The bailout, approved in March, comes with stringent reform conditions, including tax hikes, utility charge increases, and the privatization of key state institutions like Sri Lankan Airlines.