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WASHINGTON, May 14 (Reuters) - The International Monetary Fund's executive board is expected to review a staff level agreement reached with Sri Lanka in the coming weeks, IMF spokeswoman Julie Kozack said on Thursday.

Once approved by the board, Sri Lanka will have access to about $700 million under its Extended Fund Facility with the IMF, she told reporters at a regular IMF briefing.

Sri Lanka reached a staff-level agreement with the IMF in April that requires reforms, including in fuel levies, to ensure stability and growth.

The island nation is working to recover from its worst economic crisis in decades, which led to a foreign debt default in 2022 and a $2.9-billion IMF bailout program, but the conflict in the Middle East has created significant new challenges.

Sri Lanka, like many other Asian countries, has faced a surge in energy prices as a result of the war.

Kozack said Sri Lanka had to complete a few prior actions before the board could consider the staff-level agreement, including the restoration of cost recovery for electricity and fuel pricing, while ensuring the protection of vulnerable people.

She said the Sri Lankan economy and people had shown remarkable resilience to the dual shocks of Cyclone Ditwah and the Middle East conflict.

"The Sri Lankan economy is performing well; the reform commitment is strong by the authorities," she said, pledging the IMF's unwavering support as Sri Lanka worked to achieve a more stable economy.