INSUBCONTINENT EXCLUSIVE:
During a meeting between President Ranil Wickremesinghe, Sri Lankan authorities and the International Monetary Fund (IMF) yesterday (11
program, recognizing the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population
the economy, particularly in policy-oriented variables and fiscal areas
A recent meeting revealed promising revenue collection, indicating the effectiveness of implemented policies since reaching a staff level
agreement in the second half of 2022
The IMF emphasized the positive surprise in these developments, boosting confidence with the international community, official creditors and
numbers that basically highlight that the policies you implemented beginning from after we reached the staff level agreement in the second
indicators, contributing to tentative economic growth in the third quarter, particularly in capital formation and machinery.As the IMF plans
its upcoming formal review and Article 4 consultation, key areas of focus include the new public financial management law, potential
importance of perseverance with ongoing reforms, addressing fiscal issues and advancing governance agendas.The meeting also highlighted the
urgency of addressing fiscal matters, including passing amendments to the Banking Act and recapitalizing the banking sector.On the
governance front, operationalizing the Anti-Corruption Commission, publishing action plans and meeting with the Constitutional Council for
the importance of enhancing the skills of the civil service for the success of ongoing reforms
The program aims to build capacity in the civil service, crucial for the implementation of reforms.The authorities expressed approval for
the program and discussions on its rollout and impact will continue in the coming weeks.As the two-week mission unfolds, further discussions
between Sri Lankan authorities and the IMF are expected to delve deeper into these key areas, providing a comprehensive overview of the
