Sri Lanka’s Many IMF Programs: What’s Changed and What Hasn’t

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Sri Lanka’s Many IMF Programs: What’s Changed and What Hasn’t - The Diplomat

Quick Summary:

Comparing the similarities and differences in Sri Lanka’s five latest agreements with the IMF highlights the country’s economic trajectory since 2001.

This analysis spans the five most recent IMF programs: the Standby Arrangement (SBA) in 2001, the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) in 2003, another SBA in 2009, the EFF in 2016, and the most recent EFF in 2023.

The most recent Extended Fund Facility in 2023 was implemented in response to an unprecedented economic crisis, compounded by substantial fiscal imbalances, loss of access to international capital markets, and the repercussions of COVID-19.