Sri Lanka, April 30 -- The International Monetary Fund (IMF) has reached a staff-level agreement with Sri Lanka under the fourth review of its Extended Fund Facility (EFF) program, pending two critical conditions: restoring cost-reflective electricity pricing and securing financing assurances from external partners.

IMF Mission Chief for Sri Lanka Evan Papageorgiou, addressing journalists in a virtual press conference, emphasised that the agreement is a "milestone" in Sri Lanka's economic recovery path. Once the prior actions are completed and the IMF Executive Board gives its nod, the country will unlock approximately USD 344 million in funding. However, he warned that the structural benchmark on electricity cost recovery had not yet be...