Colombo, Aug 2 (IANS): Sri Lanka's economic recovery continues with real gross domestic product (GDP) posting three consecutive quarters of expansion, and growth accelerating to 5.3 per cent year-on-year in the first quarter of 2024, the International Monetary Fund (IMF) said on Friday.

According to the statement, an IMF mission team led by senior mission chief Peter Breuer visited Sri Lanka from July 25 to August 2 to discuss recent macroeconomic development and progress in implementing economic and financial policies under an economic reform supported by the IMF's Extended Fund Facility (EFF) arrangement, Xinhua news agency reported.

Breuer, in his statement, said the economic reform program implemented by the Sri Lankan authorities is yielding commendable outcomes.

Inflation remains below the Central Bank of Sri Lanka's 5 per cent target and domestic borrowing rates have declined.

Gross international reserves increased by $ 1.2 billion during the first half of 2024, reaching $ 5.6 billion, and fiscal revenue collections increased during the same period, he said.

In March 2023, the IMF approved a 48-month extended arrangement under the EFF of about $ 3 billion to support Sri Lanka's economic policies and reforms.