IMF Notified of $2.5 Million Cyber Theft from Sri Lanka’s Finance Ministry

The International Monetary Fund (IMF) has been informed of a cyberattack in which hackers stole approximately US$2.5 million from the Sri Lanka Ministry of Finance’s computer systems.

An IMF spokesperson confirmed awareness of an official statement issued by the Ministry, which acknowledged unauthorized access to the External Resources Department (ERD) systems. The spokesperson added that the situation is being closely monitored and factored into ongoing assessments.

The stolen funds were reportedly allocated for the repayment of a loan to Australia. The incident comes as Sri Lanka continues its gradual recovery from its worst-ever economic crisis, following its entry into an IMF-supported program in 2022 after defaulting on US$46 billion in debt.

In a related development, Sri Lankan authorities and the IMF have reached a staff-level agreement to complete the fifth and sixth joint reviews of the country’s reform program under the Extended Fund Facility.

If approved by the IMF Executive Board, Sri Lanka will gain access to nearly US$700 million in additional financial assistance. The overall IMF program, agreed upon on March 20, 2023, amounts to approximately US$3 billion aimed at stabilizing the country’s economy.