A high-level discussion between President Anura Kumara Dissanayake and International Monetary Fund (IMF) Managing Director Kristalina Georgieva was successfully conducted yesterday (07) via an online platform.
The primary focus of the meeting was to further strengthen the partnership between Sri Lanka and the IMF, as the country has successfully completed half of the 48-month Extended Fund Facility (EFF) agreement, which commenced in March 2023.
During the discussion, President Anura Kumara Dissanayake expressed his deep appreciation for the IMF’s continuous support, particularly in the wake of Sri Lanka’s severe economic crisis in 2022. He outlined the country’s progress in implementing key economic reforms, reinforcing macroeconomic stability, supporting vulnerable communities, and enhancing governance. The President also acknowledged the invaluable assistance provided by the IMF’s Managing Director, senior management, and staff during Sri Lanka’s debt restructuring process.
Emphasizing the significance of continued collaboration, the President underscored the importance of ensuring Sri Lanka’s economic resilience amid prevailing global uncertainties.
IMF Managing Director Kristalina Georgieva commended Sri Lanka’s achievements in maintaining macroeconomic stability, successfully completing the third review under the EFF, and executing both the bond swap and debt restructuring initiatives. She praised the government’s commitment to reform implementation and reaffirmed the IMF’s steadfast support for Sri Lanka’s economic agenda. Ms. Georgieva also stressed the necessity of reinforcing macroeconomic principles within a robust governance framework, especially in light of global economic slowdowns and escalating global debt concerns.
President Anura Kumara Dissanayake reiterated his government’s dedication to continuing the IMF program, ensuring the achievement of agreed targets in alignment with the aspirations of the Sri Lankan people. He highlighted the government’s commitment to prioritizing welfare spending while simultaneously implementing mechanisms to uplift underprivileged communities. The President also emphasized the importance of improving state-owned enterprises through enhanced governance and cost-recovery pricing, particularly in the power sector. Furthermore, he underscored the necessity of attracting foreign direct investment and garnering support from multilateral partners to mitigate credit risks and foster sustainable economic growth.
President Dissanayake assured Ms. Kristalina Georgieva of the Sri Lankan government’s unwavering commitment to successfully completing the remaining reviews under the EFF program.
Looking ahead, Ms. Georgieva stressed the importance of steadfastly implementing the reform agenda to ensure long-term economic stability and resilience.
