International Monetary Fund gives Sri Lanka thumbs up

The International Monetary Fund (IMF) has praised Sri Lanka’s economic performance and the reforms introduced by the government.

Finance Minister Ravi Karunanayake, who is in Washington, said that the IMF and the World Bank used Sri Lanka as an example for the other countries to revive its economies.

Karunanayake had talks with IMF Managing Director Christine Lagarde on the sidelines of the Spring Meetings of the World Bank Group and the International Monetary Fund, said that the IMF and World Bank commended President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe for taking the country out of a rut.

“They noted the significant progress made in the country,” Karunanayake said.

A staff team from the IMF led by Jaewoo Lee visited Colombo during February 21-March 7, 2017 to hold discussions on the second review of the Sri Lankan authorities’ economic program that is being supported by a three-year Extended Fund Facility (EFF).

The program aims to support the authorities’ ambitious reform agenda to put public finances on a sustainable footing and create space for its social and development program. At the end of the visit Mr.

The mission made significant progress toward reaching a staff level agreement with the government on completion of the second review and discussions were to continue in Washington this month during the Spring Meetings of the IMF and World Bank.

Karunanayake meanwhile also took part in the 97th meeting of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development. Karunanayake sat as the First Vice-Chair of the meeting.

Report by Easwaran Rutnam

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