IMF says Sri Lanka has made greater progress than many countries – President’s Office

Sri Lanka’s President’s Office says an International Monetary Fund (IMF) delegation has commended the country’s progress in implementing its economic recovery programme, praising the Government’s resilience and reaffirming its support for the reform agenda. According to the President’s Media Division (PMD), the delegation, led by IMF Asia and Pacific Department Deputy Director Sonali Jain-Chandra, met President Anura Kumara Dissanayake at the Presidential Secretariat on Tuesday at the conclusion of its visit to Colombo from June 24 to 30. The PMD said the IMF noted that Sri Lanka has made greater progress than many other countries implementing IMF-supported programmes and praised the Government for maintaining macroeconomic stability despite a series of external shocks while remaining committed to reforms. The delegation also informed the President that Sri Lanka’s performance under the Extended Fund Facility (EFF) will be formally assessed during the programme’s seventh review, expected in September, with the remaining commitments expected to be completed before then. According to the PMD, the IMF stressed that maintaining the momentum of reforms will be critical to preserving fiscal and external sustainability, strengthening resilience and achieving durable and inclusive economic growth. The PMD said President Dissanayake reiterated that his Government remains committed to implementing the IMF programme because it believes the reforms are essential to leading Sri Lanka out of economic hardship. He also said the Government’s priority is to ensure that the benefits of economic recovery are experienced by the people through improved livelihoods and living standards. The President further highlighted challenges posed by external factors, including US tariffs, Cyclone Ditwah and the conflict in the Middle East, but said the Government had acted swiftly to safeguard macroeconomic and social stability while keeping the country on its recovery path. The discussions concluded with both sides reaffirming their commitment to continue working together to successfully complete Sri Lanka’s IMF-supported programme, according to the President’s Media Division. (Newswire)