Strengthening the Sri Lanka-IMF Partnership: A Commitment to Economic Recovery
President Anura Kumara Disanayake and IMF Managing Director Kristalina Georgieva met virtually to discuss enhancing their partnership. The dialogue centered around Sri Lanka’s economic recovery, macroeconomic stability, and essential reforms as the country progresses through its Extended Fund Facility arrangement. Both parties emphasized the importance of ongoing collaboration to achieve sustainable growth and stability.
On Friday, September 7, President Anura Kumara Disanayake conducted a productive virtual meeting with Ms. Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF). The primary focus of their discussion was on reinforcing the partnership between Sri Lanka and the IMF, particularly as the country reaches the midpoint of its 48-month Extended Fund Facility (EFF) arrangement initiated in March 2023.
During the meeting, President Disanayake expressed sincere gratitude for the IMF’s ongoing assistance, which has been pivotal in Sri Lanka’s recovery from the severe economic crisis experienced in 2022. He noted the positive strides the nation has taken in implementing economic reforms that bolster macroeconomic stability, provide support to vulnerable populations, and enhance governance. The President also acknowledged the significant support from the IMF’s Managing Director, senior management, and staff during the debt restructuring process, stressing the necessity of continued cooperation to maintain economic resilience amid global uncertainties.
Ms. Georgieva congratulated President Disanayake on achieving macroeconomic stability, completing the third review under the EFF, and successfully implementing the bond exchange and debt restructuring measures. She praised Sri Lanka’s commitment to essential reforms and reiterated the IMF’s commitment to supporting the country’s economic initiatives. Ms. Georgieva underscored the need to strengthen macroeconomic fundamentals and uphold good governance, particularly in light of high global uncertainties and economic challenges.
The President reaffirmed his government’s dedication to advancing the IMF program while ensuring that the established targets resonate with the aspirations of the Sri Lankan populace. He emphasized a continued commitment to uplifting underprivileged communities and enhancing social welfare expenditures. Furthermore, he highlighted the need for bolstering state-owned enterprises through good governance and appropriate pricing strategies, including reforms in electricity pricing.
As the meeting progressed, Ms. Georgieva highlighted the essentiality of adhering to the reform agenda to place Sri Lanka firmly on a path toward sustainable and equitable growth. Recognizing the challenges posed by rapid global developments in technology and geopolitics, she reaffirmed the IMF’s position as a reliable partner ready to assist in promoting inclusive growth, alleviating poverty, and improving the quality of life in Sri Lanka.
Concluding the discussions, both President Disanayake and Managing Director Georgieva concurred on the importance of ongoing dialogue and collaboration to secure lasting stability for Sri Lanka, pledging to work diligently towards a prosperous and sustainable future for the nation.
In summary, the recent virtual meeting between President Anura Kumara Disanayake and IMF Managing Director Kristalina Georgieva focused on enhancing the collaborative relationship between Sri Lanka and the IMF as the country navigates economic recovery. Both leaders acknowledged the importance of continuous dialogue and cooperation to achieve macroeconomic stability, implement essential reforms, and foster sustainable growth. As Sri Lanka progresses through its Extended Fund Facility arrangement, commitment to the reform agenda and social welfare remains paramount for ensuring a prosperous future.
Original Source: island.lk
