Srilanka, March 2 -- The International Monetary Fund (IMF) approved the third review of Sri Lanka's US$ 2.9 billion, 48-month Extended Fund Facility (EFF) on Friday, releasing the fourth tranche of US$ 334 million and bringing the total funding so far to US$ 1.3 billion.

"Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay," Deputy Managing Director of the IMF Kenji Okamura said, announcing the decision.

The Washington-based IMF Executive Board's decision comes just days after President Anura Kumara Dissanayake presented the National People's Power (NPP) Government's first ...