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IMF stresses the need for macroeconomic stability in Sri Lanka

The International Monetary Fund (IMF) has informed the Sri Lanka Team led by Finance Minister Ali Sabri that there was a need for macroeconomic stability, emphasizing the importance of stronger social safety nets to mitigate the adverse impact of the current economic crisis on the poor and vulnerable.

During their talks in Washington the IMF team welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors.

“Going forward, the IMF team will support Sri Lanka’s efforts to overcome the current economic crisis by working closely with the authorities on their economic program, and by engaging with all other stakeholders in support of a timely resolution of the crisis.”

During the 2022 IMF and World Bank Spring Meetings in Washington, D.C., IMF Managing Director Kristalina Georgieva and other senior members of IMF management met with a Sri Lankan delegation.

Sri Lanka team was led by Finance Minister Ali Sabry and Central Bank of Sri Lanka Governor Nandalal Weerasinghe, and discussed policy actions to address economic challenges.

The IMF team for Sri Lanka held initial technical discussions on an IMF-supported program with the delegation.

Masahiro Nozaki, mission chief for Sri Lanka, issuing statement said that During April 18–22, the Sri Lankan delegation and the IMF team had fruitful technical discussions on the authorities’ request for an IMF-supported program.

The discussions covered recent economic and financial developments in Sri Lanka, the need for implementing a credible and coherent strategy to restore macroeconomic stability, and the importance of stronger social safety nets to mitigate the adverse impact of the current economic crisis on the poor and vulnerable.

The IMF team welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors.

“Going forward, the IMF team will support Sri Lanka’s efforts to overcome the current economic crisis by working closely with the authorities on their economic program, and by engaging with all other stakeholders in support of a timely resolution of the crisis.”

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