COLOMBO, Oct. 9 -- The International Monetary Fund (IMF) has reached a staff-level agreement with Sri Lanka on the fifth review of the country's reform program under the Extended Fund Facility (EFF), paving the way for the release of approximately US$ 347 million in the coming months, pending approval by the IMF Executive Board.

In a statement issued at the end of a two-week mission to Colombo, the IMF said the agreement reflects Sri Lanka's continued progress in stabilizing its economy and implementing fiscal and structural reforms.

"Sri Lanka's ambitious reform agenda continues to deliver commendable outcomes," said Evan Papageorgiou, who led the IMF mission from September 24 to October 9. "The economy grew by 4.8% in the first half o...