Sri Lanka, March 3 -- On late Friday evening, Sri Lanka celebrated another positive development as the International Monetary Fund (IMF) approved the third review under the Extended Fund Facility (EFF) arrangement, allowing authorities to access US$ 334 million.
While commending the island nation for its efforts in recovering from the 2022 crisis, the IMF's statement carried an underlying message of caution; Sri Lanka cannot afford any missteps and that tax hikes, subsidy cuts, fiscal discipline, and governance reforms must continue, regardless of the political cost.
Following the IMF Executive Board discussion, Deputy Managing Director Kanji Okamura issuing a statement acknowledged that Sri Lanka's economy is recovering but remains fragi...