Next IMF instalment likely in June 2025
The International Monetary Fund (IMF) is set to disburse around US$ 344 million, the fifth tranche of Extended Fund Facility for Sri Lanka, after reaching the staff level agreement on economic policies following the conclusion of the Fourth Review of reform programme.
This review of Sri Lanka’s bailout programme is likely to go before the IMF executive board for consideration in June, Mission Chief Evan Papageorgiou said.
The board approval is 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.
The Ceylon Electricity Board has to increase electricity tariff, still pending, to end losses as a result of price reductions ordered by the Public Utility Commission of Sri Lanka (PUCSL).
The IMF programme is also linked to loans from the World Bank and Asian Development Bank, requiring Sri Lanka to meet their conditions as well.
Labour Minister and Economic Development Deputy Minister Anil Jayantha Fernando and Finance and Planning Deputy Minister. Harshana Suriyapperuma told reporters that Sri Lanka is not only adhering to IMF conditions, but also redesigning institutions and policies for long-term sustainability.
Dr. Jayantha explained that the government has accepted a quarterly reviewed structural benchmark for electricity pricing, not a single one.
Although the government would prefer to conduct reviews annually for more accuracy, the current mechanism requires quarterly revisions, and thus electricity tariffs can be revised every quarter.
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