SLID welcomes Govt.-IMF Staff-Level Agreement

The Sri Lanka Institute of Directors (SLID), in a statement, yesterday commended the Staff-Level Agreement reached between the Government and the IMF for an Extended Fund facility in support of Sri Lanka’s economic recovery and the Government’s commitment to work with the IMF on the much-needed reforms.

“We particularly welcome the commitment by the Government to address the corruption issue and introduce a strong anti-corruption legal framework in the country,” SLID said.

It said Sri Lanka is a signatory to the UN Convention against corruption, and it is our responsibility as a nation to honour this commitment. 

The in-depth diagnostic assessment of governance and corruption vulnerabilities in the country planned under the program and the unfettered implementation of necessary measures to arrest corruption is very important for the economy’s long-term sustainability and the nation’s respectability.

SLID said corruption brings significant legal, financial and reputational risks. For its part, SLID has initiated a Business Collective action program with Transparency International Sri Lanka to enable businesses to mitigate the corruption risk by strengthening their internal capacities and building a resilience framework. 

SLID aims to enhance the transparency and integrity of the business sector through this effort. Since corruption is a complex problem and requires diverse and innovative solutions, peer collaboration is important.