Sri Lanka intends to conclude debt restructuring process in September - Semasinghe
August 3, 2023 03:38 pm
State Minister of Finance Shehan Semasinghe says that Sri Lanka intends to conclude the debt restructuring process in line with the first review of the International Monetary Fund (IMF), which is due in September this year.
He said this while participating in the inaugural ceremony of CPA Australia with an enhanced presence in Sri Lanka.
“The wide-reaching and long over-due reforms that we have embarked on, has shown clear signs of economic stability. The Government has taken strict measures to manage public expenditure effectively. However, we still have a long journey ahead of us,” the State Minister added.
He further said that the IMF programme was the key initiative to stabilize the economy and to send a clear message to international investors that Sri Lanka is back in business.
He explained how the Government’s vision opens the door to unlock Sri Lanka’s potential as an internationally focused, sustainable, private sector driven and vibrant digital economy.
Semasinghe said the IMF programme has helped to counter inflation and that the country has seen inflation sharply decreasing, to 6.2% in July from 70 % in September 2022.
“Sri Lanka intends to conclude its debt restructuring process in line with the IMF’s first review which is due in September this year. A successful first review would place Sri Lanka in a prime position to shift from stabilisation to growth from 2024 onwards.”
“We will increase investment in key sectors to stimulate economic growth and support the country’s recovery. Sri Lanka will once again be an international destination for investment and business,” he said.
Concluding, he emphasized that Sri Lanka is safe and peaceful country with welcoming people and is open for the world to experience its beauty and invest its potential.
Paul Stephens, High Commissioner of Australia to Sri Lanka, Mr.Andrew Hunter, CEO of CPA Australia were presented in the event.
