Sri Lanka is likely to seek revisions to targets agreed with the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme, Central Bank Governor Dr. Nandalal Weerasinghe has said.

Speaking on TV Derana’s current affairs programme 360° last night (12), Dr. Weerasinghe said discussions on revising the targets are expected when an IMF team visits Sri Lanka later this month for the fifth review of the 48-month EFF arrangement.

He noted that unforeseen events such as Cyclone Ditwah, which caused widespread damage to infrastructure and livelihoods, have significantly altered economic conditions and made it necessary to reassess previously agreed benchmarks.

The Governor said the annual budget had been formulated prior to the cyclone and that both the disaster impact and other emerging factors would need to be taken into account before finalising revised targets during the upcoming IMF review.

The IMF mission is scheduled to arrive in Sri Lanka later this month to conduct the fifth programme review.