Review of IMF program will be complete in December - President

COLOMBO (News 1st); Sri Lanka President Ranil Wickremesighe has expressed optimism that the IMF Board would conclude the first review of Sri Lanka’s EFF program within the month of December.

The President outlined the ongoing discussions with external private creditors, emphasizing the government’s commitment to reach an agreement on specific restructuring terms with them shortly. 

A focal point of the restructuring strategy is a reliance on a long-term extension of the debt, with economic principles guiding future negotiations and operations, said the President's Media Division quoting the President's speech to the 2023 Sri Lanka Economic Summit.

In his address, President Wickremesinghe touched upon the necessity of adhering to the agreed-upon framework, stressing that deviation could lead to adverse consequences with creditors. 

He urged the nation to embrace the radical restructuring as a last chance for economic stability, emphasizing the need to break away from the cycle of seeking external aid due to mismanagement.

President Wickremesinghe drew attention to the dangers of remaining a “beggar nation” and the unsustainable practice of seeking financial assistance without addressing the root causes of economic instability. He questioned the wisdom of repeatedly asking other countries for help, emphasizing the need for internal reform and competitiveness.

The President underscored the importance of a competitive, export-oriented economy, outlining the government’s vision for a digitalized and green economy.