Sri Lanka seeks IMF target revisions after cyclone damage

Sri Lanka’s central bank has called for revisions to the targets set under its International Monetary Fund (IMF) Extended Fund Facility (EFF) agreement, citing the impact of Cyclone Ditwah.

Central Bank Governor Nandalal Weerasinghe said an IMF team will visit Colombo later this month for the fifth review of the 48-month EFF program. He noted that the annual budget was drawn up before the cyclone, which caused widespread infrastructure damage and disrupted livelihoods, making it necessary to adjust benchmarks, News.Az reports, citing Xinhua.

The 48-month IMF EFF, approved in March 2023, provides Sri Lanka with around $3 billion to support economic reforms and recovery efforts.

News.Az