Sri Lanka and the International Monetary Fund

Sri Lanka & IMF Overview
Country Population:22.037 million
Date of Membership:29 August 1950
Latest Article IV/Country Report:13 June 2024
Special Drawing Rights (SDR):0.24 million
Quota (SDR):578.8 million
Number of Arrangements:17
Outstanding Purchases and Loans (SDR)1,351.45 million (30 June 2024)
Sri Lanka's Resident Representative:Sarwat Jahan

Sri Lanka joined the International Monetary Fund on August 29, 1950. Since June 1965, Sri Lanka has taken 16 loans from the IMF, with a total value of 3,586,000,000 SDR's. The most recent of these loans was agreed to in June 2016, with an agreed total of 1,070,780 SDR's, and 715,230,000 SDR's being withdrawn. Of this total, 715,230,000 SDR's remain outstanding. Notwithstanding the receipt of substantial soft loans from China, the island nation of Sri Lanka finds itself ensnared in a foreign currency crisis, prompting concerns among experts that it may be driven towards default. The current year places a heavy burden on Sri Lanka, with debt repayments amounting to approximately $4.5 billion, commencing with an initial payment of $500 million towards an international sovereign bond. Sri Lanka holds a position of significant importance in China's ambitious Belt and Road Initiative.

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