Colombo/Washington | The US has expressed support for Sri Lanka's security and sovereignty and its ongoing efforts to complete the fiscal, monetary, and governance elements of its IMF bailout programme.

This was conveyed by US National Security Advisor Jake Sullivan during a telephone conversation with Sri Lanka's National Security Advisor Sagala Ratnayake on Wednesday, the White House said in a brief statement on Friday.

“Their discussion has covered areas of bilateral engagement, including US support to Sri Lanka's security and sovereignty,” the statement said.

Sullivan and Ratnayake also discussed Sri Lanka's ongoing efforts to complete the fiscal, monetary, and governance elements of its International Monetary Fund (IMF) programme, and future opportunities for cooperation, the release said.

The IMF on March 21 said it has reached a staff-level agreement with Sri Lanka for the next phase that would enable it access to USD 337 million from the nearly USD 3 billion bailout approved in 2023 for the cash-strapped country.

Two tranches of USD 330 million each were released in March and December 2023.

The global lender also praised Colombo as it said macroeconomic policy reforms are starting to bear fruit.