G-24 notes Sri Lanka making some progress

The G-24 noted that Sri Lanka was making some progress and has carried out some of its debt restructuring within the concept of the Common Framework.

Dr. Iyabo Masha, the Director of the G24 Secretariat said that she expects some progress on Sri Lanka during the World Bank Group-International Monetary Fund Annual Meetings in Marrakech.

“Sri Lanka seems to be making some progress. It has done some of its restructuring within the concept of the Common Framework, and it is now working on the roundtable. The roundtable is going to meet during this week in Marrakech, so I see that there could be some progress on that regard,” she said in response to a question posed on Sri Lanka at a media briefing.

Earlier, the IMF had said that despite early signs of stabilization in Sri Lanka, a full recovery is not yet assured.

Daniel Leigh, a senior official in the International Monetary Fund?s research department said that the people of Sri Lanka have shown remarkable resilience.

?In the face of enormous challenges, Sri Lanka has made commendable progress in implementing difficult but much?needed reforms. And these reforms are already bearing fruit, as the economy is showing tentative signs of stabilization. Inflation is down from a peak of about 70 percent a year ago, in September 2022, down to below 2 percent in September 2023. Gross international reserves have increased. And shortages of essentials have eased,? he said.

Daniel Leigh also said that despite early signs of the stabilization, a full recovery is not yet assured. (Colombo Gazette)