The International Monetary Fund (IMF) says that the authorities have made significant progress in preparing the country’s economic reform program and look forward to continuing discussions with them.
Representatives of the International Monetary Fund (IMF) have said that in order to obtain the approval of the Executive Board of the International Monetary Fund (IMF), adequate credit restructuring is required from Sri Lanka’s creditors.
The International Monetary Fund (IMF) delegation arrived in Sri Lanka for talks and issued a statement at the end of their visit.
The agents also pointed out that the monetary and fiscal policy and other measures implemented by the Sri Lankan authorities since early April were important first steps in resolving the crisis.
Successful and fruitful discussions were held on the economic policies and reforms being carried out with the assistance of the International Monetary Fund Comprehensive Credit Facility and significant progress has been made in determining the macroeconomic and structural policy package by the bureaucracy and the authorities.
Discussions will continue in the near future with the official online agreement on the Comprehensive Credit Facility and the Government of Sri Lanka Credit Sufficient Credit Funds for Restoration of Credit Sustainability for Executive Board Approval as Government Debt is Assessed The statement said that certificates were required.
“Against this backdrop, discussions focused on correcting macroeconomic imbalances, restoring public debt sustainability and planning a comprehensive economic program to help Sri Lanka reach the potential level of economic growth. Negotiations made significant progress during the visit, including the need to reduce the growing fiscal deficit while ensuring adequate security for the poor and vulnerable. Given the low level of revenue, there is an urgent need for comprehensive tax reforms to achieve these objectives. Other challenges that need to be addressed include reforms aimed at increasing inflation, easing the balance of payments, reducing the risk of corruption and boosting economic growth. The authorities have made significant progress in formulating their economic reform program and we look forward to continuing discussions with them, ”the IMF representatives said in a statement.
A delegation from the International Monetary Fund (IMF) led by Messrs. Peter Breuer and Masahiro Nozaki arrived in Colombo on the last 20-30th of June.
The Fund’s support for Sri Lanka and the authorities’ comprehensive economic reform program were discussed, and Deputy Director, Department of Asia and the Pacific Anne-Marie Gulde-Wolf also participated in the policy discussions.
At the end of the delegation’s visit, Breuer and Nozaki issued the following statement.
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