A special meeting between President Anura Kumara Dissanayake and representatives of the International Monetary Fund commenced for the second day today (October 4) at the President’s Office.
The President’s Media Division has stated that President Anura Kumara Dissanayake aims to achieve the goals of the loan program with the International Monetary Fund. He intends to reach these goals through alternative methods that will alleviate the burden on the people.
In a press conference held in the United States of America yesterday (October 03), Julie Kozak, the Director of the International Monetary Fund’s Communications Department, commented on Sri Lanka, emphasizing the importance of continuing the economic reform program in the country.
During the International Monetary Fund’s press conference, Julie Kozak, director of the Department of Communications, responded to questions about Sri Lanka. She stated, “The IMF’s program performance is strong, reviving economic growth and reducing inflation. Efforts to raise reserves and mobilize revenue have yielded results.”
However, she also noted that ‘as we have said before, there are still significant risks and uncertainties.’ That means it’s ‘vital to keep the reforms intact,’ added Julie Kozak.
Julie Kozak also stated that the date for the third evaluation regarding the loan installments and economic reforms given by Sri Lanka is expected to be announced by the agreements reached with the International Monetary Fund.
The Director of the International Monetary Fund’s Asia Pacific Department, Krishna Srinivasan, along with Senior Mission Chief Dr. Peter Brewer and a delegation, are currently visiting Sri Lanka. The IMF representatives arrived in Sri Lanka on October 2 and met with the economic team appointed by the new government of Sri Lanka to collaborate with the IMF at the President’s Secretariat that afternoon. According to a note posted by the Government Information Department on their official Facebook page, the purpose of the visit is to discuss the progress of the IMF program and the disbursement of the fourth tranche of the $2.9 billion Extended Fund Facility.
The International Monetary Fund and Sri Lanka conducted a review of their program. They also discussed plans for future activities. Dr. Harshana Suriyapperuma, Chairman of the Economic Policy Council, along with Senior Adviser to the President on Economic Affairs and Finance Prof. Anil Jayantha, and other key members of the Council on Economic Policy such as Sunil Handunnetthi, Professor Sita Bandara Ranatunga, Sunil Gamage, Senior Advisor to the President Duminda Hulangamuwa, Dr. Nandasiri Kihimbiahetti, Professor O.G. Dayaratne Banda, and Amarasena Athukorala, participated in the discussion with IMF representatives.
The International Monetary Fund and Sri Lanka conducted a review of their program. They also discussed plans for future activities. Dr. Harshana Suriyapperuma, Chairman of the Economic Policy Council, along with Senior Adviser to the President on Economic Affairs and Finance Prof. Anil Jayantha, and other key members of the Council on Economic Policy such as Sunil Handunnetthi, Professor Sita Bandara Ranatunga, Sunil Gamage, Senior Advisor to the President Duminda Hulangamuwa, Dr. Nandasiri Kihimbiahetti, Professor O.G. Dayaratne Banda, and Amarasena Athukorala, participated in the discussion with IMF representatives.
The International Monetary Fund (IMF) has approved immediate access to US$336 million as the third tranche of funding for Sri Lanka. This approval comes after the completion of a review by the IMF’s Executive Board, which is required before disbursing funds under the IMF’s Extended Credit Facility (EFF). The approval was granted in June of this year.
In a press release issued by the Presidential Media Division on October 3, it was stated that the President emphasized to the representatives of the International Monetary Fund the importance of achieving the program’s goals through alternative means that would alleviate the burden on the people.
The announcement also mentioned that the progress of the current program between the International Monetary Fund and Sri Lanka was reviewed, and the president reaffirmed the government’s broad agreement in principle with the objectives of the program with the International Monetary Fund.
President Anura Kumara Dissanayake has informed the representatives of the International Monetary Fund that the government plans to provide relief to people affected by high VAT and income tax. Central Bank Governor Dr. Nandalal Weerasinghe, Treasury Secretary Mahinda Siriwardena, Dr. Harshana Suriyapperuma, and the President’s senior advisors Professor Anil Jayantha and Duminda Hulangamuwa joined the President for this discussion.
