Global admiration for Sri Lanka’s economic reform efforts echoes at IMF-World Bank mid-year meetings

• State Minister of Finance Shehan Semasinghe highlights positive outcomes achieved during meetings
• Key areas appreciated include economic developments, advancements in debt restructuring, tax administration boosting, and ongoing governance reforms
• Highlights support received for debt restructuring process, hopeful of achieving debt sustainability, successful resolution
• Asserts importance of national unity, collective support towards economic stabilisation and growth
• Cautions against actions hindering progress or stability
• Expresses gratitude to multilateral stakeholders, global partners; IMF and World Bank
• Acknowledges patience, determination of people to navigate amid economic challenges

The recently concluded mid-year meetings of the International Monetary Fund (IMF) and the World Bank have garnered international praise for Sri Lanka’s ongoing economic reform process.

State Minister of Finance Shehan Semasinghe, participating in the conference from Washington, highlighted the positive outcomes achieved during the crucial meetings, signalling a renewed sense of determination and hope for the country.

Semasinghe explained the recognition received by Sri Lanka for its progress in economic and financial stability, attributing it to the comprehensive reforms spearheaded by the Government under the leadership of President Ranil Wickremesinghe.

Key areas of appreciation included recent economic developments, advancements in debt restructuring, boosting of tax administration and the ongoing governance reforms.

The support extended towards Sri Lanka’s debt restructuring process was particularly noted, with confidence expressed in achieving debt sustainability and fostering successful debt resolution.

Semasinghe asserted the importance of national unity and collective support towards economic stabilisation and growth.

“It is essential that all Sri Lankans collectively support the journey towards economic recovery and growth of our country,” he said.

Cautioning against actions that could impede progress or undermine stability, he expressed gratitude to multilateral stakeholders and global partners, including the IMF and the World Bank, for their unwavering support.

“We express our gratitude to the multilateral stakeholders and global partners, including the International Monetary Fund and the World Bank, who have supported the Sri Lankan Government in taking strong decisive decisions and actions that include good practices in overcoming the economic crisis,” he said.

Semasinghe also acknowledged the collaborative efforts of the people of Sri Lanka in navigating through economic challenges with patience and determination.

The conference saw the presence of high-ranking Sri Lankan officials, including Treasury Secretary Mahinda Siriwardana and Central Bank Governor Dr. Nandalal Weerasinghe.