Colombo, March 25 Sri Lanka is hoping to receive two installments of its bailout package from the IMF when the IMF team arrives here to complete its mission, Central Bank Governor Nandalal Weerasinghe said on Wednesday.
An International Monetary Fund (IMF) team will arrive here on Thursday and remain until April 9 to conduct the combined fifth and sixth reviews of Sri Lanka’s reform program, which is supported by the IMF's Extended Fund Facility (EFF).
The two installments together are expected to release USD 700 million from the USD 2.9 billion bailout package in 2023.
"Obviously, the situation changes; if the outlook is different, we need to discuss what changes are necessary," the governor said.
"This time, the changes may be more significant than the previous reviews because it is a major shock," Weerasinghe said, referring to the volatile global economic outlook due to the ongoing war in the Middle East.
Weerasinghe was optimistic about the island's economic outlook despite the shocks.
He said that the USD 7.3 billion foreign exchange reserves were the highest by the end of February.
"This is a better position. It has created space for us to absorb this kind of external shock for a period," said Weerasinghe.
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