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Sri Lanka: Chamber Applauds IMF Review, Urges Ongoing Reforms

Ceylon Chamber of Commerce Commends Board-Level Agreement on Second IMF Review, Calls for Sustained Economic Reforms

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IMF members pose for a photograph April 22, 2017 at the IMF Headquarters in Washington, DC. [Photo Credit: Getty Images]

The Ceylon Chamber of Commerce congratulates the Government of Sri Lanka for securing a board-level agreement on the second review of Sri Lanka’s Extended Fund Facility (EFF) with the International Monetary Fund (IMF).

This agreement provides Sri Lanka with immediate access to approximately SDR 254 million (about USD 336 million) in financing. This significant development further supports Sri Lanka’s ongoing economic policies and reform agenda under the 48-month EFF arrangement.

While we acknowledge these accomplishments, we urge the Government to maintain the momentum of the current reform agenda to steer the economy towards lasting recovery and stable, inclusive growth. A significant challenge to address will be the implementation of fiscal reforms, including the broadening of taxes supported by digitisation. Furthermore, it is crucial to address persistent issues related to governance weaknesses and corruption vulnerabilities. The IMF’s Governance Diagnostic Assessment aligns with our call for reforms in these critical areas.

The IMF has noted that despite positive developments, important vulnerabilities and uncertainties remain, especially in light of the ongoing debt restructuring and the upcoming elections. Therefore, we also highlight the importance of collective action, urging Sri Lankan citizens to take ownership of the reform agenda. Collective action is vital to navigate the country’s financial challenges and set Sri Lanka back on a growth path.

In conclusion, we commend the Government for these significant strides but stress the need for ongoing reforms, robust governance, and shared responsibility. Adherence to these principles will put Sri Lanka back on a trajectory of economic growth and stability.

Sri Lanka Guardian

The Sri Lanka Guardian is an online web portal founded in August 2007 by a group of concerned Sri Lankan citizens including journalists, activists, academics and retired civil servants. We are independent and non-profit. Email: editor@slguardian.org

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