Srinivasan stated that Sri Lanka’s reform programme continues to make steady progress despite ongoing global economic challenges.
He noted that Sri Lankan authorities have made “significant progress” over the past several years in restoring macroeconomic stability, rebuilding foreign exchange reserves, and strengthening economic confidence.
According to Srinivasan, these improvements have been acknowledged by the public, investors, and other stakeholders, helping place the country’s economy on a “firmer footing.”
However, he pointed out that recent global developments have generated renewed economic pressures, similar to difficulties currently being experienced by many economies operating within a challenging external environment.
Srinivasan stated that managing such shocks is never easy, but emphasized that Sri Lanka’s current policy framework is considerably stronger and more resilient compared to previous years.
He further stressed that maintaining a consistent policy direction, while allowing the economy to adjust to changing global conditions, would be critical in sustaining the progress already achieved under the reform programme.
The IMF official also stated that the organisation looks forward to maintaining close engagement with Sri Lankan authorities as the country continues to move ahead with its economic reform agenda under the Extended Fund Facility arrangement.
