The International Monetary Fund (IMF) has recently approved the first review of Sri Lanka’s economic program, marking a significant milestone in the country’s economic recovery. However, the focus now shifts to the next steps in the program.
"Program performance has been satisfactory, as signaled by the completion of the review," says Julie Kozack, Director of Communications at the IMF. "And the next steps are the mission that is currently on the ground right now.
An IMF mission is currently in Sri Lanka, conducting a fact-finding or technical visit. The mission’s primary objective is to discuss recent developments and monitor the progress of program targets and commitments.
One of the key next steps involves the upcoming program review mission, which is scheduled for later this year.
This mission will further evaluate the program’s progress and make necessary adjustments to ensure its continued success.
"The next steps on the debt restructuring are to conclude the negotiations with external commercial creditors and to implement agreements with official creditors," she said.
Debt restructuring is a crucial aspect of the program’s next steps. Negotiations with external commercial creditors are ongoing, and agreements with official creditors are in the process of being implemented. These steps are vital for managing Sri Lanka’s debt and ensuring the country’s financial stability.
Lastly, the domestic debt operations in Sri Lanka have largely been completed.
This marks a significant achievement in the program and paves the way for the next phase of economic recovery.