ECONOMYNEXT – A Sri Lankan minister met with officials of global lending bodies, including Martin Raiser, Vice President, South Asia of the World Bank for discussions on the progress of World Bank supported reforms being carried out in the country.
“We discussed enhancing support in modernizing agricultural and SMEs sectors, among other areas of ongoing collaboration. He expressed the World Bank’s fullest commitment to assisting Sri Lanka, ” state minister of finance, Shehan Semasinghe said.
Semasinghe is in Marrakech, Morocco for the IMF-World Bank Annual Meetings 2023 which started yesterday (9).
Semasinghe previously met with Parameswaran Iyer, Executive Director of the World Bank and “expressed our gratitude for the support provided to the economic stability and the success of the reforms in Sri Lanka,” Semasinghe said on X (formerly Twitter).
He also met K Subramanian, Executive Director of the International Monetary Fund (IMF) to discuss the progress of its programme and the current economic conditions, including challenges and opportunities faced by Sri Lanka’s economy.
“Over the week, we will meet and engage with all our partners to enhance economic stability and sustainable growth,” Semasinghe said.
Sri Lanka is trying to reinforce international confidence with global lenders to ensure a shift from stabilisation to growth from 2024 onwards.
The IMF has urged Sri Lanka to comply with the latest international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations in return to its $3 billion loan.
The IMF has delayed the disbursement of second tranche of Sri Lanka’s $3 billion loan without the global lender’s Staff Level Agreement.
“There is absolutely no danger of the second tranche not coming in. There are some matters to be discussed and once both sides have reached an agreement, we can continue the forward momentum in developing the economy,” Semasinghe said earlier.
Insisting that multilateral agencies, friendly nations and other parties are helping Sri Lanka’s with its recovery, Semasinghe said it is incumbent upon the country to increase state revenue.
The state minister also met Patricia Scotland, Secretary General of the Commonwealth Secretariat to discuss “matters of mutual interest including frameworks for debt management, anti-corruption and government performance management.” (Colombo/Oct10/2023)