In conjunction with the annual meetings of the International Monetary Fund (IMF), a program organized under the theme ‘Sri Lanka: Pathways to Achieving Debt Sustainability and Governance Reform’ will be held tomorrow (October 13) in Marrakesh, Morocco. Sri Lanka Latest News
This program is organized by the civil society organizations associated with the “Civil Society Organizations Movement of Sri Lanka for Uplifting the Economy of Sri Lanka through Anti-Corruption Reforms”.
The program will focus on two main priorities aimed at getting Sri Lanka out of its debt crisis.
The first of these is the two analytical reports published separately by the civil society of Sri Lanka and the International Monetary Fund on the governance of Sri Lanka. The second is the role of the IMF, the government and Sri Lanka’s creditors in the successful and sustainable restructuring of the country’s debt.
The “Civil Society Analysis Report on Governance in Sri Lanka” compiled by the civil society organizations associated with the “Sri Lankan Civil Society Organization Movement for Uplifting the Economy of Sri Lanka through Anti-Corruption Reforms” was published in mid-September. It contains 34 governance reform recommendations for Sri Lanka that address the root causes of Sri Lanka’s current crisis situation.
The International Monetary Fund also published their analysis report on governance in Sri Lanka in late September. It was also the first time that the International Monetary Fund published such a report on a country in Asia.
These two analytical reports on governance in Sri Lanka have the potential to build a strong foundation for improving the rule of law, transparency and accountability. These important issues have also been discussed in this program, which is going to be held jointly by civil society organizations. Streamlining the borrowing and settlement process (debt governance) is crucial to save countries that are repeatedly in debt.
In this program, attention has also been focused on keeping more rigid targets for achieving debt sustainability, including obtaining a higher debt cut (Haircut) from the external parties that have given loans to Sri Lanka. Doing so will ease the overall debt burden on the country.
International Monetary Fund’s Sri Lanka Mission Chief Peter Brewer, Verity Research Executive Director Dr. Nishan De Mel, Transparency International Sri Lanka Executive Director Nadishani Perera and Global Saverion Consulting Senior Research Analyst Theo Marett are contributing resources to this program. Georgina do Rosario, Emerging Markets Correspondent at Thomson Reuters, will moderate the program.
Guests at the invitation-only event include several Executive Directors of the IMF Board, regional heads of multilateral institutions, a number of key stakeholders and professionals, and senior members of the Sri Lankan delegation attending the IMF Annual Conference in Marrakesh.
