The Central Bank of Sri Lanka (CBSL), in collaboration with the Ministry of Finance and the International Monetary Fund (IMF), hosted a high-level conference titled “Sri Lanka’s Road to Recovery: Debt and Governance” on June 16, 2025, at Shangri-La Colombo.
The event brought together government officials, international stakeholders, private sector leaders, and civil society representatives to reflect on the country’s economic progress and governance reforms amid the IMF-supported recovery programme.
CBSL Governor Dr. Nandalal Weerasinghe welcomed participants, followed by opening remarks from President Anura Kumara Dissanayake and IMF First Deputy Managing Director Dr. Gita Gopinath. The conference reviewed Sri Lanka’s progress at the midpoint of the Extended Fund Facility (EFF) and assessed the nation’s economic turnaround following its 2022 crisis.
President Dissanayake emphasized the visible scars left by the crisis, noting that while macroeconomic stability had been achieved, structural reforms were essential for long-term resilience.
He reiterated the government’s aspiration to achieve economic self-reliance, aiming for the current IMF programme to be Sri Lanka’s last. Dr. Gopinath praised the difficult but necessary steps taken so far, urging the country to maintain reform momentum despite challenges.
Governor Weerasinghe highlighted the progress in stabilizing the economy and stressed the importance of domestic ownership of the reform agenda. He pointed to legislative advances such as the Central Bank of Sri Lanka Act, the Public Financial Management Act, and the Anti-Corruption Act as key to improving macroeconomic governance.
The conference featured four panel discussions. The opening session, moderated by CBSL Assistant Governor Dr. Chandranath Amarasekara, offered context on the 2022 crisis and Sri Lanka’s reform journey. Experts including Treasury Secretary Mahinda Siriwardana and IMF Asia-Pacific Director Dr. Krishna Srinivasan praised the pace of reforms, attributing it to strong political backing.
Session 1, “The Road to Debt Sustainability,” examined the complexities of Sri Lanka’s debt restructuring. Moderated by Dr. Peter Breuer (IMF), the panel called for greater transparency and equitable burden-sharing.
Session 2, “The Road to Credibility,” focused on governance. Discussions led by IMF Legal Department’s Joel Turkewitz highlighted the significance of Sri Lanka’s Governance Diagnostic—the first of its kind in Asia. Calls were made for stronger enforcement and public engagement to build trust.
The final panel, “Challenges Ahead,” included Dr. Gopinath, former CBSL Governor Dr. Indrajit Coomaraswamy, and other key figures. Speakers emphasized private sector development, export-led growth, and deep institutional reform as pillars of long-term stability.
The conference marked a pivotal moment in Sri Lanka’s path to recovery, reaffirming the joint commitment of the government, CBSL, and IMF to restoring economic stability and public trust.
