Finance State Minister Shehan Semasinghe stated that the agreement entered into with the IMF and the staff-level agreement reached following the First Review of Sri Lanka’s Extended Fund Facility Arrangement will support settling arrears owed to multilateral creditors while expediting the debt restructuring process.

The State Minister added that Sri Lanka is poised to receive the second tranche of US$330 million subsequent to the approval of this staff-level agreement by the IMF Executive Board.

Semasinghe made these remarks at a press conference held at the Presidential Media Centre yesterday.

“Last night, we successfully reached the staff-level agreement, a crucial step in securing the second tranche under our agreement with the IMF through the Extended Fund Facility”, he said.

He added that the agreement, as it stands today, is the result of concerted efforts and dialogues involving officials from the International Monetary Fund, the Central Bank, and the Ministry of Finance.”

The State Minister underscored that the staff-level agreement, marking the completion of the first review of the programme with the International Monetary Fund, plays a pivotal role in facilitating the payment of arrears to multilateral creditors and expediting the process of debt restructuring. He reiterated that Sri Lanka is set to receive the second tranche of US$330 million following the approval of the IMF’s Executive Board.