International Monetary Fund (IMF) Deputy Managing Director Kenji Okamura has commended the Sri Lankan authorities on the implementation of a strong programme and excellent reform progress, said Finance State Minister Shehan Semasinghe.
The Sri Lankan delegation led by Semasinghe met with Okamura during the IMF-World Bank Group (WBG) Spring Meetings 2024 that kicked off in Washington, D.C. on Monday (15). The event will go on until 19 April with the participation of policymakers, civil society, researchers and several other high-ranking officials.
Taking to X (formerly Twitter), the State Minister said the two sides had a ‘very productive’ discussion during which Okamura underscored the need to preserve the hard-earned gains that Sri Lanka has achieved since the beginning of the IMF programme and to continue strong ownership.
Together with the Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe and Treasury Secretary Mahinda Siriwardana, State Minister Semasinghe have explained to the IMF’s Deputy Managing Director the recent socio-economic developments.
They have also reiterated the Sri Lankan authorities’ commitment to ensuring continuity and consistency of macroeconomic policies and reforms undertaken under the programme.
On the sidelines of the 2024 Spring Meetings, the Sri Lankan Finance State Minister said he had an ‘insightful’ roundtable with the Business Council for International Understanding (BCIU) on the development of the Sri Lankan economy and its investment prospects.
“Our discussion centered on the potential that Sri Lanka offers for international investors. Explored various sectors, including education, tourism, renewable energy, agriculture and technology, where strategic investments can drive sustainable economic growth and development.”
Semasinghe said the current macro-economic landscape of Sri Lanka, including recent reforms that have transformed to results was also reviewed at this roundtable.
In addition, Semasinghe also held discussions with the IMF Executive Director for India and Sri Lanka Dr. Krishnamurthy Subramanian and World Bank Executive Director for India and Sri Lanka Parameswaran Iyer.
Iyer, updating State Minister Semasinghe on the various internal restructurings within the World Bank and how these changes could benefit countries like Sri Lanka, has assured his fullest support to Sri Lanka.