IMF reiterates call for SL to maintain fiscal discipline, reform SOEs

Update at release of Regional Economic Outlook: Asia and Pacific at IMF-World Bank Annual Sessions in Washington

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THE International Monetary Fund (IMF) yesterday said maintaining fiscal discipline and reforming State-owned enterprises (SOEs) will be crucial for Sri Lanka to sustain its recovery and build long-term economic resilience.

At a press briefing on the latest Regional Economic Outlook, IMF Asia and Pacific Department Director Krishna Srinivasan and Deputy Director Thomas Helbling provided an update on Sri Lanka’s performance under its IMF-supported program.

Helbling said Sri Lanka is now benefitting from strong growth following a deep recession during the crisis. "After a deep recession during the crisis, Sri Lanka has now implemented the program and is benefitting from very strong growth-5% last year-with an estimated 4.2% this year and next year, going towards a potential growth rate of around 3%," he said.