International Monetary Fund Asia and Pacific Department Director Krishna Srinivasan has stated that the fifth and sixth reviews under the Extended Fund Facility (EFF) are scheduled to be considered next week.
He said that Sri Lankan authorities have made significant progress over the past few years in restoring macroeconomic stability, rebuilding reserves, and strengthening confidence.
Mr. Srinivasan noted that both the public and investors in Sri Lanka have recognized this progress, adding that it would help place the economy on a stronger foundation.
However, he emphasized that the current global situation has affected Sri Lanka’s economy, as well as many other economies around the world.
“Avoiding these shocks is never easy. But today, Sri Lanka’s policy framework is considerably stronger than it was in the past,” Mr. Srinivasan said.
He further stressed that maintaining a stable policy direction and allowing the economy to adapt to changing conditions are essential for sustaining progress.
Mr. Srinivasan also stated that as the reform agenda moves forward, the International Monetary Fund looks forward to continuing its close engagement with Sri Lankan authorities.
