US Applauds SL's Economic Stabilization Efforts

US Applauds Sri Lanka's Economic Stabilization Efforts

by Staff Writer 16-07-2024 | 1:28 PM

COLOMBO (News 1st); The United States has welcomed the signs of economic stabilization in Sri Lanka.



It has also welcomed Sri Lanka’s steadfast commitment to the IMF program and reforms, which will lay the groundwork for recovery, financial governance, and future growth. 



This was announced during the 5th Sri Lanka – USA Partnership Dialogue that concluded in Washington, D.C, over the weekend.



Sri Lanka expressed its sincere appreciation for U.S. economic assistance during the past crisis, totaling more than a quarter-billion dollars. 



The United States continues to support Sri Lanka’s debt restructuring and economic and governance reform agenda to promote sustainable growth.



Both Sri Lanka and the USA reiterated their intent to explore new opportunities to enhance market access, bilateral trade, investment, and tourism. 



The United States expressed its commitment to supporting Sri Lanka’s progress in its IMF program by encouraging private-sector investment, enhancing its capacity to combat corruption, and addressing food insecurity for vulnerable populations. 



Sri Lanka welcomed the role of the U.S. International Development Finance Corporation (DFC), which is committing $553 million to support the development of the West Container Terminal at the Port of Colombo, an investment that provides critical infrastructure and jobs. 



The United States welcomed Sri Lanka’s goal to produce 70 percent of electricity from renewable energy by 2030 and to attain carbon neutrality by 2050.



Sri Lanka expressed appreciation for ongoing U.S. grant assistance to help meet these goals, including technical assistance to support energy sector reform and a pipeline of renewable energy projects.