The International Monetary Fund (IMF) has reaffirmed its commitment to supporting Sri Lanka, emphasizing that it will remain a trusted partner as the country continues its economic recovery and approaches the completion of its current IMF programme.
IMF Deputy Division Chief in the Asia and Pacific Department, Sonali Jain-Chandra, said the Fund stands ready to support Sri Lanka through future financing arrangements, policy advice or capacity development, depending on the government’s requirements.
“The Fund will remain a very committed partner to Sri Lanka,” she stated, emphasizing that the nature of future engagement would be determined through discussions with the Sri Lankan authorities.
Highlighting the progress achieved under the current IMF programme, Jain-Chandra noted significant improvements in macroeconomic stability, government revenue, debt restructuring and economic growth.
“The macroeconomic situation is much improved. The revenue ratio has doubled. The debt restructuring is largely complete. Growth has been positive for 11 consecutive quarters,” she said.
She also highlighted improvements in governance and other structural reforms, describing the programme’s overall performance as strong.
However, Jain-Chandra stressed that important work remains under the existing programme, which is scheduled to expire in March.
She noted that a staff-level agreement on the seventh review had been reached in early October and that it was expected to be considered by the IMF Executive Board in the coming weeks.
Another review mission is also scheduled to take place before the programme expires.
The IMF official emphasized the importance of maintaining macroeconomic stability and consolidating the reform gains achieved so far.
Addressing the possibility of future IMF assistance, Jain-Chandra explained that requesting another programme would be a decision for the Sri Lankan authorities.
“There are many ways in which the Fund can support Sri Lanka, whether it’s a new financing arrangement, whether it’s granular policy advice in the context of surveillance or capacity development,” she said.
She reiterated that the IMF remains prepared to continue its engagement with Sri Lanka in a manner that supports the country’s economic priorities.
IMF Deputy Division Chief in the Asia and Pacific Department, Sonali Jain-Chandra, stated this while clarifying details regarding Sri Lanka’s economic progress during a press conference held this morning (15), which took place alongside the annual meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand. (Newswire)
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