Sri Lankan delegation calls on top IMF, World Bank officials at 2024 Spring Meetings

The Deputy Managing Director of the International Monetary Fund (IMF), Kenji Okamura has commended the Sri Lankan authorities on the implementation of a strong program and excellent reform progress, says Finance State Minister Shehan Semasinghe.

Sri Lankan delegation led by Semasinghe met with Mr. Okamura during the IMF-World Bank Group (WBG) Spring Meetings 2024 that kicked off in Washington, D.C. on Monday (15). The event will go on until 19 April with the participation of policymakers, civil society, researchers and several other high-ranking officials. 

Taking to X (formerly Twitter), the state minister said the two sides had a ‘very productive’ discussion during which Mr. Okamura underscored the need to preserve the hard-earned gains that Sri Lanka has achieved since the beginning of the IMF program and to continue strong ownership.

Together with Governor of Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe and Treasury Secretary Mahinda Siriwardana, State Minister Semasinghe has explained to the IMF’s Deputy Managing Director the recent socio-economic developments.

They have also reiterated the Sri Lankan authorities’ commitment to ensuring continuity and consistency of macroeconomic policies and reforms undertaken under the program.

On the sidelines of the 2024 Spring Meetings, the Sri Lankan finance state minister said he had an ‘insightful’ roundtable with the Business Council for International Understanding (BCIU) on the development of the Sri Lankan economy and its investment prospects.

“Our discussion centered on the potential that Sri Lanka offers for international investors. Explored various sectors, including education, tourism, renewable energy, agriculture and technology, where strategic investments can drive sustainable economic growth and development.”

Semasinghe said the current macro-economic landscape of Sri Lanka, including recent reforms that have transformed to results was also reviewed at this roundtable.

In addition, Semasinghe also held discussions with Dr. Krishnamurthy Subramanian, the IMF Executive Director for India and Sri Lanka and Parameswaran Iyer, the World Bank Executive Director for India and Sri Lanka.

Mr. Iyer, updating State Minister Semasinghe on the various internal restructurings within the World Bank and how these changes could benefit countries like Sri Lanka, has assured his fullest support to Sri Lanka.

Discussion the Business Council for International Understanding (BCIU)

Meeting with Dr. Krishnamurthy Subramanian, IMF Executive Director for India and Sri Lanka

Meeting with Mr. Parameswaran Iyer, the World Bank Executive Director for India and Sri Lanka