'Sri Lanka's Road to Recovery: Debt and Governance' conference recaps successes and challenges

THE Central Bank of Sri Lanka (CBSL), in collaboration with the Ministry of Finance and the International Monetary Fund (IMF), co-hosted the high-level conference on 'Sri Lanka's Road to Recovery: Debt and Governance' on 16 June at the Shangri-La Colombo.

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The event brought together key policymakers, global stakeholders, as well as private sector and civil society representatives, to deliberate on Sri Lanka's recovery under the IMF-supported reform program. Conference proceedings commenced with welcome remarks delivered by the CBSL Governor Dr. Nandalal Weerasinghe, followed by opening remarks delivered by the President of Sri Lanka, Anura Kumara Disanayake. IMF First Deputy Managing Director Dr. Gita Gopinath, was the guest of honour of the event and delivered opening remarks representing the IMF.

The conference provided an opportunity to reflect on Sri Lanka's macroeconomic recovery and governance transformation since the 2022 crisis, and to assess the country's progress at the mid-point of the IMF-supported Extended Fund Facility (EFF) program.

The agenda comprised four panel discussions, namely: a preamble on the overview of the lead-up to the crisis and the contours of the IMF-supported program, followed by two sessions on the road to debt sustainability and road to credibility, and a closing panel on the challenges ahead.

Delivering the keynote, President Anura Kumara Disanayake underscored that although stability is achieved following the crisis, the scars of the economic crisis are still visible. Therefore, it is imperative to implement necessary reforms to improve economic conditions and achieve lasting stability.

Further, the President asserted that the ultimate goal is to restore national sovereignty through economic stability and self-reliance so that this will be the last IMF program of the country.

Dr. Gita Gopinath commended the Government on the progress made under the EFF program and highlighted the multiple challenges Sri Lanka's debt restructuring had to deal with. While acknowledging the courage and sacrifices of the Sri Lankan people, she underscored the importance of staying the course with the reform agenda to ensure sustainable recovery.