Saturday, December 9, 2023

Ceylon Chamber of Commerce Commends Staff-Level Agreement on First Review with IMF, Calls for Continued Economic Reform

The Ceylon Chamber of Commerce congratulates the Government of Sri Lanka for reaching a staff-level agreement on the first review of Sri Lanka’s Extended Fund Facility Arrangement (EFF) with the International Monetary Fund (IMF). This agreement is set to grant Sri Lanka access to the second tranche, approximately US$330 million in financing, pending approval by the IMF’s Management and Executive Board. Another key development is the preliminary debt restructuring agreement with the Export-Import Bank of China, which covers approximately US$4.2 billion of Sri Lanka’s debt. This agreement also serves as an important component of financial assurances for Sri Lanka.

While we acknowledge these accomplishments, we urge the Government to maintain the momentum of the current reform agenda to steer the economy toward lasting recovery and stable, inclusive growth. Furthermore, it is imperative to address persistent issues related to governance weaknesses and corruption vulnerabilities. The IMF’s Governance Diagnostic Assessment resonates with the Ceylon Chamber’s own call for reforms in these critical areas. We urge Sri Lankan citizens to take ownership of the reform agenda, as collective action is vital to navigate the country’s financial challenges and set Sri Lanka back on a path to growth.

In conclusion, we commend the Government for these significant strides but stress the need for ongoing reforms, robust governance, and shared responsibility. Adherence to these principles will undoubtedly put Sri Lanka back on a trajectory of economic growth and stability.

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