Sri Lanka's AKD Stresses On Immediate Economic Stability and IMF Engagement

Colombo (News 1st); Sri Lankan President Anura Kumara Dissanayake reaffirmed his government’s commitment to stabilizing the nation’s economy before embarking on sweeping structural reforms across various sectors.

Speaking on the importance of immediate economic recovery, the President outlined his administration's strategy to first secure short-term stability before implementing long-term and mid-term programs aimed at economic growth.

"We believe that it is important to stabilize the country's economy and raise it to a certain level before we make structural changes across all sectors," President Dissanayake stated in his inaugural address to the nation.

He highlighted the need for immediate measures to ensure economic stabilization, which he described as a critical step for sustaining any future reforms.

The President also announced plans to engage in urgent discussions with the International Monetary Fund (IMF) to continue the ongoing Extended Fund Facility (EFF) and the debt restructuring process.

"To achieve the changes that we aspire, we need to take a plethora of steps within a considerable time period. However, it all depends on the stability and trust that we can secure within the current economic conditions."

Dissanayake stressed the importance of collaboration with both international creditors and domestic stakeholders, expressing optimism about securing debt relief and support from the international community. "We will engage with all creditors and reach conclusions on those matters soon, while securing debt relief," he said.

The President expressed confidence in the collective efforts of Sri Lankan citizens and the international community, asserting that their support will be crucial in overcoming the current challenges and achieving long-term victory.