International Monetary Fund (IMF) Senior Mission Chief for Sri Lanka Peter Breuer arrives to address a press conference in Colombo on March 21, 2024. (PHOTO / AFP)

COLOMBO - The International Monetary Fund (IMF) reached a staff-level agreement with the Sri Lankan authorities on the second review under the economic reform program supported by a four-year Extended Fund Facility (EFF) arrangement, a statement from IMF said on Thursday.

The statement said that once the agreement is approved by its board, Sri Lanka will have access to $337 million.

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According to the statement, the Sri Lankan authorities are making good progress in implementing an ambitious reform agenda under the EFF with commendable outcomes, including rapid disinflation, robust reserve accumulation and initial signs of economic growth while preserving the stability of the financial system.