The Ceylon Chamber of Commerce has extended its congratulations to the Sri Lankan government for achieving a staff-level agreement on the first review of the Extended Fund Facility Arrangement (EFF) with the International Monetary Fund (IMF). This milestone is expected to grant Sri Lanka access to the second tranche of approximately USD 330 million in financing, contingent on approval by the IMF's Management and Executive Board.

In a statement, the Chamber also highlighted another significant development, namely the preliminary debt restructuring agreement between Sri Lanka and the Export-Import Bank of China. This agreement covers around US$4.2 billion of Sri Lanka's debt and plays a crucial role in providing financial assurances for the nation.

While commending these achievements, the Ceylon Chamber emphasized the need for the Sri Lankan government to sustain the momentum of the current reform agenda. This effort is aimed at steering the country's economy toward a sustained recovery and fostering stable, inclusive growth.

The Chamber also underlined the importance of addressing ongoing issues related to governance weaknesses and vulnerabilities to corruption. It noted that the IMF's Governance Diagnostic Assessment aligns with their own call for reforms in these critical areas.

In a final appeal, the Chamber urged Sri Lankan citizens to actively participate in the reform agenda, emphasizing the significance of collective action in navigating the country's financial challenges and returning Sri Lanka to a path of growth and stability.