The International Monetary Fund (IMF) staff and the Sri Lankan authorities have reached a staff-level agreement to disburse the second IMF tranche of the Extended Fund Facility (EFF).
The recommendation to make roughly USD 330 million available to Sri Lanka follows agreement over the first review of the four-year EFF agreement it signed up to in March, the IMF said in a statement.
The release of the funds is subject to approval by its executive board, it added.
“The authorities remain committed to the ambitious reform agenda under the EFF and their reform efforts have been commendable,” IMF Senior Mission Chief for Sri Lanka, Peter Breuer, and his deputy, Katsiaryna Svirydzenka, said in a statement.
IMF officials recently visited Sri Lanka and reviewed the progress of the loan programme.
The agreement to release the second installment of the loan has been made following the review.