A virtual meeting between President Anura Kumara Dissanayake and IMF Managing Director Kristalina Georgieva was successfully held to discuss Sri Lanka’s economic progress and continued cooperation under the Extended Fund Facility (EFF) agreement.
The discussion focused on strengthening Sri Lanka’s partnership with the IMF as the country has now completed half of its 48-month EFF program, which began in March 2023.
During the meeting, President Dissanayake expressed gratitude for the IMF’s continued support, particularly in helping Sri Lanka recover from the 2022 economic crisis. He highlighted the country’s progress in implementing economic reforms, stabilizing the macroeconomic environment, supporting vulnerable communities, and enhancing governance.
The President also acknowledged the IMF’s role in Sri Lanka’s debt restructuring process, stating that the support from IMF leadership and staff had been crucial in guiding the country’s recovery efforts. He emphasized the importance of continued collaboration to ensure long-term economic resilience amid global financial uncertainties.
IMF Managing Director Kristalina Georgieva congratulated Sri Lanka for maintaining macroeconomic stability, successfully completing the third review under the EFF, and implementing a bond swap and debt restructuring plan.
She commended Sri Lanka’s commitment to economic reforms, particularly in establishing cost-recovery pricing mechanisms in the power sector and strengthening governance in state-owned enterprises.
Ms. Georgieva also emphasized the need for strong macroeconomic policies and governance frameworks, especially in the face of global economic slowdowns and rising international debt levels.
Reflecting the strong public mandate, President Dissanayake reaffirmed Sri Lanka’s commitment to achieving the IMF’s agreed-upon targets, ensuring that economic reforms align with the aspirations of the Sri Lankan people. He stated that a key priority of the government is to enhance welfare programs while implementing measures to uplift low-income communities.
The President also highlighted Sri Lanka’s focus on attracting Foreign Direct Investment (FDI) and strengthening partnerships with multilateral financial institutions to mitigate credit risks and promote sustainable economic growth.
He assured Ms. Georgieva of Sri Lanka’s commitment to completing the remaining IMF program reviews and ensuring the successful execution of the EFF agreement.
Looking ahead, Ms. Georgieva underscored the importance of continuing structural reforms to steer Sri Lanka towards sustainable, inclusive, and equitable development. She acknowledged that technological advancements and geopolitical challenges could impact recovery but assured that the IMF would remain a steadfast partner in Sri Lanka’s journey toward economic stability.
The IMF Managing Director also reaffirmed the Fund’s commitment to helping Sri Lanka achieve its goals of poverty eradication, improving quality of life, and fostering economic resilience.
The meeting concluded with both leaders agreeing on the importance of continuous cooperation between Sri Lanka and the IMF to ensure a stable, prosperous, and sustainable future.
