IMF Delegation Reviews Sri Lanka’s Economic Reforms, Discusses Next Steps for Funding
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The Time Press
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IMF Delegation Reviews Progress of Sri Lanka’s Economic Reforms
An IMF delegation, led by Senior Mission Chief Dr. Peter Breuer, recently concluded a series of meetings with Sri Lankan officials to assess the progress under Sri Lanka’s ongoing IMF program. The talks, which included discussions on releasing the next tranche of the 2.9 billion dollar package, highlighted the country’s economic reforms and the roadmap ahead.
The delegation, also comprising Resident Representative Dr. Sarwat Jahan and Economist Ms. Manavee Abeyawickrama, commended Sri Lanka for the significant strides made in implementing reforms that have bolstered the country’s economic outlook. These reforms are part of a broader effort to stabilize the economy following recent financial challenges.
President Anura Kumara Dissanayake, who campaigned on the promise of renegotiating the IMF deal to alleviate the economic pressures on the less fortunate, has now engaged with the IMF to discuss the terms of the agreement initially signed by the previous government. This dialogue aims to adjust the financial package in a way that lessens the impact on the poor while still adhering to IMF guidelines.
The IMF’s engagement with Sri Lanka began with the approval of a 2.9 billion dollar bridge financing package in March of the previous year, intended to be disbursed over 48 months. The successful completion of the third review in June this year led to the disbursement of approximately 336 million dollars, marking a significant milestone in the program’s implementation.
The meetings between the IMF team and Sri Lankan officials focused on the macroeconomic indicators, fiscal plans, and structural reforms needed to ensure the sustainability of the economic recovery plan. Both parties emphasized the importance of continued reform efforts to secure future tranches of the financing.
