The International Monetary Fund (IMF) has reaffirmed its commitment to supporting Sri Lanka amidst its ongoing economic crisis. The announcement was made by IMF Managing Director Kristalina Georgieva during a meeting with the Sri Lankan delegation, led by Finance State Minister Shehan Semasinghe, at the Spring Meetings of the IMF and World Bank Group in Washington DC.
Georgieva assured the delegation that the IMF is dedicated to helping Sri Lanka during this difficult time and emphasized the importance of collective effort to overcome the crisis. In response, Semasinghe expressed gratitude on behalf of the Sri Lankan government and its people for the leadership provided by the IMF in supporting the country’s efforts to recover from the economic downturn.
The Sri Lankan delegation also reiterated their commitment to completing the IMF program and implementing an “ambitious reform agenda” to achieve debt sustainability and restore economic stability.
In addition to the IMF, the World Bank has also pledged support for Sri Lanka’s efforts to stabilize its economy, step up social protection, and revive growth. During a meeting with the Sri Lankan delegation, Managing Director of Operations Anna Bjerde reaffirmed the World Bank’s commitment to supporting Sri Lanka’s economic recovery.
On the sidelines of the Spring Meetings, Semasinghe also met with other key figures in international finance, including the Executive Director of the IMF and the Executive Director of the World Bank, to discuss Sri Lanka’s reform agenda and its commitment to successfully completing the IMF program.
The Spring Meetings come just weeks after the IMF green-lighted a 48-month extended arrangement under the Extended Fund Facility (EFF) program of SDR 2.286 billion (approximately USD 3 billion) for Sri Lanka. This program will allow Sri Lanka to access financing of up to USD 7 billion from the IMF, international financial institutions, and multilateral organizations.
Overall, Semasinghe noted that the Spring Meetings were a great opportunity for Sri Lanka to enhance cooperation with its international partners in order to ensure debt sustainability and further progress towards economic recovery.
