Sri Lanka Makes Progress on IMF Program, Commits to Fiscal Reforms
Posted on March 31st, 2023

Courtesy Hiru News

Sri Lanka yesterday held an investor presentation in order to explain the current macroeconomic situation and outlined the key pillars and objectives of the IMF program as well as the next steps with regard to the engagement with creditors.

Treasury Secretary Mahinda Siriwardena and Central Bank Governor Dr. Nandalal Weerasinghe told the virtual presentation that Sri Lankan Government has embarked on an ambitious reform agenda, and we have successfully achieved all prior actions required to unlock the IMF financing.

They said As per the IMF program, we are fully committed to achieving fiscal consolidation and implementing fiscal structural reforms; restoring public debt sustainability; restoring price stability and rebuilding external buffers; safeguarding financial system stability; and reducing corruption vulnerabilities and further introducing growth-enhancing reforms

Global creditors and investors were told that Sri Lankan people are the Government’s priority, and as part of the IMF program, it aims to enhance the existing social safety nets to protect the most vulnerable.

As a result, Sri Lanka’s economy has already shown some encouraging stabilization signs, with year-on-year inflation slowing down and earnings from tourism rebounding to more standard levels.

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