The International Monetary Fund (IMF) stated yesterday that Sri Lanka has achieved significant advancements in implementing reforms and expressed optimism regarding the country’s ability to swiftly progress towards the upcoming third review of the Extended Fund Facility (EFF).
“We are encouraged by what we have heard so far and hoping that we can move fast towards the third review which will come up soon,” he said.Srinivasan said that inflation is decreasing. “There is a general consensus that the new administration aims to protect and enhance the achievements attained through the programme,” he said.
He said that there was a widespread consensus that Sri Lanka, which was on the brink of collapse in 2022, has made significant progress in implementing reforms that have resulted in some hard-earned achievements.
Srinivasan said he led a high-level team to Colombo to discuss with the authorities in the new government. “We had some very productive discussions with the new government and the team there. And the discussions are continuing this week during the annual meetings,” he said.He added that the growth has been positive for the last four quarters. “Under the programme we have elements which address some of the priorities of the new government, including in terms of social protection and so on,” he said.
The IMF Asia Pacific Director added that the Government of Sri Lanka has reached agreements with the official creditors. They have reached an agreement in principle with the private creditors. The next step would be to reach a formal agreement with all creditors. And that’s a big step forward,” he said. He asserted that there’s a lot more work to be done in terms of continuing with the reforms to achieve strong and sustainable recovery.
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