IMF acknowledges Sri Lanka’s progress, warns of ongoing vulnerabilities
October 5, 2024 11:41 am
The International Monetary Fund (IMF) says Sri Lanka’s Third Review under the USD 2.9 billion Extended Fund Facility (EFF) programme, will be announced in due course.
Addressing a bi-weekly media briefing held in Washington DC, IMF’s Director for Communications Julie Kozack noted that vulnerabilities and uncertainties remain, meaning sustaining the reform momentum is critical for Sri Lanka.
However, Kozack reiterated that Sri Lanka’s performance under the programme is strong, and reform efforts are bearing fruit in terms of reviving economic growth.
Meanwhile on Friday (04), the IMF team who visited the island said it will continue its close engagement with Sri Lanka’s economic team to set a date for the third review of the IMF-supported program.
“We are encouraged by the authorities’ commitment to continue the reform efforts,” the global lender’s Director for the Asia Pacific Department, said in a statement at the end of the visit to Sri Lanka.
He further stated that the IMF remains a steadfast partner in supporting Sri Lanka and its people and stands ready to assist the country achieve its economic reform goals.
An International Monetary Fund (IMF) team led by Mr. Krishna Srinivasan, Director for the Asia Pacific Department, visited Colombo October 2-4, 2024.
During the visit, Mr. Srinivasan met with President Dissanayake, Prime Minister Amarasuriya, Minister Herath, Governor Weerasinghe, Secretary to the Treasury Siriwardena, and other stakeholders.
He stated that they agreed on the importance of continuing to safeguard and build on the hard-won gains that have helped put Sri Lanka on a path to economic recovery since entering one of its worst economic crises in 2022.
Later, Sri Lanka’s Ministry of Finance also issued a statement confirming the country’s successful completion of consultations with the Official Creditor Committee (OCC) and the IMF.
