IMF delegation to visit Sri Lanka for economic review

State Minister of Finance Shehan Semasinghe announced that a delegation from the International Monetary Fund (IMF) will arrive in Sri Lanka next week to assess the country's economic progress. In a recent media statement, Semasinghe clarified that the upcoming discussions with the IMF will not pertain to the third review of the bailout package, but will instead focus on evaluating Sri Lanka's economic development and future strategies to enhance the economy.

The State Minister highlighted the importance of preparing for the third review following the completion of the second review, which is crucial for releasing the third tranche of the IMF bailout package. Semasinghe expressed the country's goal to sustain the economic growth rate of 5.1% achieved in the first quarter of the year throughout the remainder of the year. While most forecasts predict a 2% growth rate for 2024, he is optimistic that Sri Lanka can achieve a growth rate between 3% and 3.5%.

Semasinghe also addressed concerns about the potential impact of the election period on economic stability, expressing hope that it will not impede growth. He remains confident that with the right measures, the economy can reach a growth rate of 3.5% by the end of the year.