President Ranil Wickremesinghe is scheduled to make a special statement to the nation today (21) regarding the IMF Executive Board’s approval for Sri Lanka’s request for an extended arrangement under the Extended Fund Facility (EFF).

The State Minister of Finance Shehan Semasinghe stated in an official announcement that Sri Lanka has succeeded in obtaining the approval of the Executive Board of the International Monetary Fund (IMF). 

The State Minister also stated that the background required to obtain this approval was prepared in the patience and trust of the people of the country, as well as the unpopular but necessary reforms in the country that were carried out by President Ranil Wickramasinghe. 

“At the end of a huge process of 08 months, with the irrepressible courage and commitment of the President, the Ministry of Finance, the Central Bank of Sri Lanka and other institutions, as well as the support of the International Monetary Fund, the official creditors of our country and other countries, today we got the opportunity to access the extended loan facility of the International Monetary Fund.” 

“This approval was essential for the country at this time. Now is the time when all of us should work together to strengthen the country’s economy. Further, we have to work patiently in these reforms,” he said in the statement issued last night. 

The State Minister further stated that the duty assigned to him by the President was well fulfilled not only as a public representative but also as a Sri Lankan. 

The State Minister further said that President Ranil Wickremesinghe will make a special statement to the nation today (21).

Welcoming the IMF’s announcement yesterday, President Ranil Wickremesinghe expressed his gratitude to the IMF and Sri Lanka’s international partners for their support “as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda.”

The President said further:

“In the 75 years of Sri Lanka’s independence, there has never been a more critical period for our economic future. Our official creditors have declared their support following continuous and positive engagements over the last few months, and we are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to US$ 7 billion in funding from the IMF and IFIs. From the very start, we committed to full transparency in all our discussions with financial institutions and with our creditors. I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda.

Since taking office last July, it has been my priority to stabilize Sri Lanka’s economy and achieve sustainable levels of debt. To do so, we have taken some tough decisions, but we did so with a commitment to widening our social safety nets, protecting the vulnerable, rooting out corruption and ensuring we can grow an inclusive and internationally attractive economy. The IMF program is critical to achieving this vision for our country, and we are committed to successfully completing the IMF program and achieving debt sustainability. We will continue to engage with all our creditors, and I encourage both our bilateral and commercial creditors to strengthen and foster coordination in the context of our forthcoming engagement. The IMF program will also be imperative to improving Sri Lanka’s standing in and access to international capital markets, and it will demonstrate that Sri Lanka is once again a country attractive to talent, investors and tourists.”