By: Isuru Parakrama
Colombo (LNW): The Executive Board of the International Monetary Fund (IMF) has approved Sri Lanka’s programme under the Extended Fund Facility (EFF), allowing the country to access financing of up to US$ 7 billion from the IMF, international financial institutions and multilateral organisations.
Marking the historic milestone, the government of Sri Lanka seeks to restore macroeconomic stability and achieve debt sustainability.
Commending the IMF approval President Ranil Wickremesinghe delivered the following statement:
“In the 75 years of Sri Lanka’s independence, there has never been a more critical period for our economic future. Our official creditors have declared their support following continuous and positive engagements over the last few months, and we are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to US$ 7 billion in funding from the IMF and IFIs. From the very start, we committed to full transparency in all our discussions with financial institutions and with our creditors. I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda.Since taking office last July, it has been my priority to stabilise Sri Lanka’s economy and achieve sustainable levels of debt. To do so, we have taken some tough decisions, but we did so with a commitment to widening our social safety nets, protecting the vulnerable, rooting out corruption and ensuring we can grow an inclusive and internationally attractive economy. The IMF programme is critical to achieving this vision for our country, and we are committed to successfully completing the IMF programme and achieving debt sustainability. We will continue to engage with all our creditors, and I encourage both our bilateral and commercial creditors to strengthen and foster coordination in the context of our forthcoming engagement. The IMF program will also be imperative to improving Sri Lanka’s standing in and access to international capital markets, and it will demonstrate that Sri Lanka is once again a country attractive to talent, investors and tourists.”