Sri Lanka is working to secure a staff-level agreement with the International Monetary Fund by Thursday (9 April), President Anura Kumara Dissanayake told Parliament.

He said that IMF teams are currently in Colombo and that discussions are ongoing. While previous negotiations were completed locally, staff-level agreements were typically finalised in Washington DC. The Government is now aiming to conclude the process within Sri Lanka.

If the agreement is reached, the country would become eligible to receive funding from the fifth and sixth IMF programme reviews, amounting to approximately $700 million by the end of May.

President Dissanayake noted that the expected disbursement would help ease pressure on foreign reserves, which have been growing more slowly due to ongoing debt-servicing obligations. He emphasised that securing the IMF tranches is vital for maintaining economic stability in the coming months.

Sri Lanka entered a four-year, $2.9 billion IMF bailout programme in 2023 following its worst economic crisis in decades. The Government expects the new agreement to further strengthen confidence in the country’s economic recovery.