COLOMBO, Oct. 16 (Xinhua) -- Sri Lanka, emerging from a debt restructuring, is on the path to growth and to restoring confidence, said Tobias Adrian, director of the International Monetary Fund's (IMF's) Monetary and Capital Markets Department.
Adrian made the remarks during a recent press briefing unveiling the Global Financial Stability Report, Annual Meetings 2025.
Meanwhile, Jason Wu, assistant director of the department, said they are pleased with Sri Lanka's performance but stressed that the more favorable environment should not lead to complacency.
He said on frontier markets such as Sri Lanka, the softer dollar has lessened external pressure. Therefore, he stated, frontier economies need to continue improving fundamentals, both on the current account and fiscal buffers, as highlighted in the World Economic Outlook.
Last week, the IMF and Sri Lankan authorities reached a staff-level agreement on economic policies to conclude the fifth review of Sri Lanka's reform program supported by the IMF's Extended Fund Facility.
Once the review is approved by the IMF Executive Board, Sri Lanka will have access to about 347 million U.S. dollars in financing, the IMF said in a statement.
In March 2023, the IMF approved a 48-month Extended Fund Facility arrangement, amounting to approximately 3 billion dollars, to support Sri Lanka's economic reform and recovery efforts. ■
