Ministry of Finance and Cent hold virtual meeting with Official Creditors

The Sri Lankan authorities held a virtual meeting with Sri Lanka’s official creditors today (3).

The meeting was chaired by the Secretary to the Treasury and the Ministry of Finance, K.M. Mahinda Siriwardana, and the Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe.

Sri Lanka remains fully committed to advancing engagements with all its creditors in an equitable and transparent way.

The meeting represented another important step towards securing International Monetary Fund (IMF) Board approval for Sri Lanka’s IMF program.

The State Minister of Finance, Mr. Shehan Semasinghe, said:
“Sri Lanka is at a critical stage, and we are seeking IMF program approval as soon as possible so that we can restore macroeconomic stability. We are grateful to our bilateral partners for their continued engagement and support during this process. The IMF program and our ambitious economic reforms will restore public debt sustainability, help protect the most vulnerable and restart our growth engine. This government is focused on re-establishing social and economic prosperity, and ensuring our citizens have access to critical public services.”

CBSL Governor Dr. P. Nandalal Weerasinghe, said:
“The IMF program and economic reform agenda will reconstitute Sri Lanka’s financial buffers. I thank the official creditors for joining this productive meeting where we were able to discuss Sri Lanka’s current financial position and progress on reforms.”

Sri Lanka reached a Staff-Level Agreement with the IMF on a four-year program supported by the Extended Fund Facility on 1st September 2022. The program, amounting to USD 2.9bn, is expected to restore macroeconomic stability and debt sustainability while protecting the vulnerable and safeguarding Sri Lanka’s financial system.

This agreement remains subject to IMF Executive Board approval.
The IMF program has been centred around Sri Lanka’s ambitious reform program.

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