Thiloththama Jayasinghe, Jadetimes Staff
T. Jayasinghe is a Jadetimes news reporter covering Business News
While the IMF praised results from Colombo's economic reform program, backstopping growth recovery, lower inflation, revenue mobilization, and building up international reserves, according to Julie Kozack, a spokesperson for the IMF, "significant achievements have been made under this program". Still, she underscored that protecting those gains would be fundamental to full emergence from its severe economic crisis.
The next round of discussions, including the Third Review of the IMF program, will be held after the forthcoming presidential elections of Sri Lanka. After these elections, the IMF will work with the newly formed government toward the continuity of the program. The heavily needed bond restructuring for Sri Lanka to come out of the financial turmoil is currently in continuous process between the government and its creditors, while the IMF is providing an overall debt sustainability analysis but not directly involved in the negotiation process.
