Sri Lanka’s Central Bank Governor Nandalal Weerasinghe calls for policy consistency, private sector empowerment, and transparency to ensure long-term recovery under the IMF’s $3 billion bailout plan.
Central Bank Governor Dr. Nandalal Weerasinghe has urged the Sri Lankan government to remain firmly committed to the reform agenda outlined under its agreement with the International Monetary Fund (IMF), as the island nation enters the midpoint of a crucial $3 billion bailout programme.
Speaking at the high-profile conference “Sri Lanka’s Road to Recovery: Debt and Governance,” held in Colombo on Monday (June 16), Weerasinghe emphasized that consistent policy execution, institutional accountability, and inclusive economic governance are key to sustaining progress made since the 2022 crisis.
“To sustain this progress, it is imperative that we maintain our momentum and ensure inclusivity, transparency, and accountability in the reform efforts,” the Governor said, addressing an audience that included President Anura Kumara Dissanayake and IMF First Deputy Managing Director Gita Gopinath.
The Governor stressed that while macroeconomic stability has improved, continued commitment is essential to achieving lasting recovery and long-term debt sustainability. “The road ahead will demand a steadfast focus on sustaining the reform agenda, the empowerment of the private sector, protection of the most vulnerable communities, and above all, policy consistency in the same direction,” he noted.
Weerasinghe’s remarks come at a pivotal moment in Sri Lanka’s economic recovery, as the government evaluates its performance halfway through the IMF-supported program. The conference served as a platform to reflect on lessons learned from the past two years and to prepare for the challenges that remain in the second phase of implementation.
The Central Bank, which played a critical role in stabilizing the rupee, managing inflation, and guiding domestic debt restructuring, is now focused on ensuring that reforms extend beyond technical fixes and translate into inclusive and equitable growth for all citizens.
Sri Lanka’s IMF agreement includes key policy actions such as improving public financial management, strengthening anti-corruption frameworks, modernizing tax administration, and streamlining loss-making state-owned enterprises.
Weerasinghe’s message was clear: the reforms have shown signs of success, but without unwavering political commitment and policy discipline, the gains could easily be reversed.
About the Author
