IMF appreciates Sri Lanka’s progress in ongoing economic reforms

The Deputy Managing Director of the International Monetary Fund (IMF), Kenji Okamura, has expressed his appreciation towards Sri Lanka’s progress in its ongoing economic reforms, and has emphasised that the IMF is looking forward to further strengthening its ties with Sri Lanka.

The IMF official met with State Minister of Finance Shehan Semasinghe this morning (31 May), during which the progress of the Extended Fund Facility (EFF) programme was discussed, at length, amongst other matters.

Accordingly, the challenges faced and the opportunities gained through the EFF were discussed between the two parties, while the ambitious reform agenda implemented by the Sri Lankan Government in a bid to stabilise the country’s economy despite the recently challenging macroeconomic environment was also discussed.

Thus, the need for a diversified economy, improvement within the business environment, the strengthening of the country’s financial governance and anti-corruption legislation was identified as means necessary to unlock the potential for Sri Lanka to grow further.

Meanwhile, speaking with regards to financial aid extended by the Government, Semasinghe stated that it has been decided to employ a more ‘transparent’ method to target beneficiaries of social welfare benefits and financial assistance.

“We further discussed on better targeted transparent selection on providing social welfare benefits & the financial assistance to be provided directly to the beneficiary accounts from the month of July to the most eligible low-income and vulnerable individuals & families”, he said in this regard.