IMF applauds Sri Lanka’s progress in implementing economic reforms

COLOMBO (News 1st) - During a meeting between President Ranil Wickremesinghe, Sri Lankan authorities and the International Monetary Fund, the IMF congratulated the country on completing the first review under its program. 

The IMF highlighted the positive start of the program, recognizing the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population. Directors at the executive board meeting applauded Sri Lanka’s courage in publishing the governance diagnostic, a pioneering effort in Asia.

Senior Mission Chief for Sri Lanka, Peter Breuer noted that encouraging signs were noted regarding the program’s impact on stabilizing the economy, particularly in policy-oriented variables and fiscal areas. 

A recent meeting revealed promising revenue collection, indicating the effectiveness of implemented policies since reaching a staff level agreement in the second half of 2022. 

The IMF emphasized the positive surprise in these developments, boosting confidence with the international community, official creditors and private creditors.