Sri Lankan Airlines Needs Faster Debt Resolution : IMF

COLOMBO (News 1st): The International Monetary Fund (IMF) has called for accelerated efforts to restore the operational viability of Sri Lankan Airlines and resolve its legacy debt. 

Evan Papageorgiou, the IMF Mission Chief for Sri Lanka, highlighted the importance of these measures during a virtual press conference on Tuesday (29).

Papageorgiou acknowledged that Sri Lankan authorities are preparing a medium-term strategic plan to address the airline's financial challenges. 

The 2025 budget has allocated 20 billion rupees to pay off some of the airline's debt, marking a significant step towards financial stability.

Additionally, Sri Lankan Airlines has hired a financial advisor to restructure its international board, further indicating progress in the right direction. 

However, Papageorgiou emphasized the need for these efforts to pick up pace to ensure a timely resolution of outstanding issues.

He expressed optimism about the future of State-Owned Enterprises (SOEs) in Sri Lanka, noting that there is a clear path forward and urging more progress in this area.