However, unless we are able to bring our trade deficit to a manageable level and create an enabling environment to help increase net foreign capital and financial flows, workers’ remittances alone cannot provide sustained support to our reserves position. Under these circumstances, the Government had to approach the IMF again for a medium term loan (i.e.
Extended Fund Facility or EFF) to ease pressure on our balance of payments. Being in the IMF program increases the chances of receiving a higher amount of financial inflows besides stabilizing markets and improving the credibility of the country.