International Monetary Fund (IMF) Sri Lanka Mission Chief Evan Papageorgiou says Sri Lanka should restore cost-recovery electricity pricing as soon as possible to minimise fiscal risk and is essential to complete the fourth review of the Extended Fund Facility (EFF) program.
He stated this in response to a question raised during a virtual press conference on Tuesday (29).
He said the staff-level agreement is subject to IMF Executive Board approval, contingent on the implementation of prior actions relating to restoring electricity cost-recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism and the completion of financing assurances review, which will focus on confirming multilateral partners’ committed financing contributions and adequate debt restructuring progress.
Upon completion of the Executive Board review, Sri Lanka would have access to SDR254 million (about US$344 million), bringing the total IMF financial support disbursed under the arrangement to SDR1,270 million (about US$1,722 million).
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