INSUBCONTINENT EXCLUSIVE:
President Ranil Wickremesinghe is due to meet with the visiting team of the International Monetary Fund (IMF) today (26 Sep.).This meeting
will be the last in the series of meetings held between the IMF team and representatives of the Sri Lankan government since 14 September,
Samaratunga, Finance Ministry Secretary Mahinda Siriwardana and Central Bank Governor Dr
Nandalal Weerasinghe representing the Sri Lankan government, while the IMF delegation featured prominent figures such as Peter Breuer
(Senior Mission Chief), Katya Svirydzenka (Deputy Mission Chief), Mike Li, Sophia Zhang, Dmitriy Rozhkov, Noda Selim, Sandesh Dhungana, Nui
Miao, Mark Adams (virtual), Joei Turkewitz, Nuong Lan Vu.During the review, Sri Lanka was tasked with convincing the IMF officials that it
has met the key goals of the bailout program to continue the debt restructuring efforts that are crucial to its economic recovery
process.The first review was deemed a significant milestone towards securing the second tranche of the IMF loan and enhancing confidence in
review puts the country in a strong position for economic recovery and sets a promising pathway for growth in 2024.Sri Lanka, grappling with
its worst financial crisis in more than seven decades after its foreign exchange reserves depleted to record lows, managed to secure a
bailout package of nearly USD 3 billion in March 2023
economic impact on the poor and vulnerable, safeguarding financial sector stability, and strengthening governance and growth potential
It also allows Sri Lanka to access financing of up to USD 7 billion from international financial institutions (IFIs) and multilateral
organizations.Under the IMF program, Sri Lanka has set a target of restructuring its debt for the next 10 years and reducing its debt-to-GDP
ratio from the current 120% to about 95% by 2032
However, Sri Lanka still needs to complete talks with key bilateral creditors, including Japan, China and India, before it can take the next
step to restructure its debt.
