During a meeting with President Ranil Wickremesinghe and Sri Lankan authorities, the International Monetary Fund (IMF) extended congratulations to the country for successfully completing the first review under its program.
The IMF acknowledged the positive commencement of the program, recognizing the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population. Directors at the executive board meeting praised Sri Lanka’s courage in publishing the governance diagnostic, which stands as a pioneering effort in Asia.
Peter Breuer, the Senior Mission Chief for Sri Lanka, highlighted encouraging signs regarding the program’s impact on stabilizing the economy, particularly in policy-oriented variables and fiscal areas.
In a recent meeting, promising revenue collection was revealed, indicating the effectiveness of policies implemented since reaching a staff-level agreement in the second half of 2022. The IMF underscored the positive surprise in these developments, instilling confidence within the international community, official creditors, and private creditors alike.
