Minister Shehan Semasinghe said that the government has adopted other reform programmes aside from the debt restructuring process to address the “fundamental macroeconomic vulnerabilities” that Sri Lanka faces.
Referring to the challenging times that lie ahead for Sri Lanka, the island nation’s finance minister, Shehan Semasinghe said that the country will need the continued support of bilateral and multilateral partners in the coming years.
Shehan Semasinghe was speaking at the G-24 Finance Ministers’ Conference in Washington DC on Tuesday. The G-24 Finance Ministers and Central Bank Governors’ meeting is being held to coincide with the International Monetary Fund and World Bank Spring meetings.
“We seek the continued support of our multilateral and bilateral partners, for us to meet the formidable challenges successfully, and it is imperative that we come together to share insights, strategies, and best practices at forums like today to navigate these turbulent times and build a more resilient and sustainable future,” the Minister posted on his X (Twitter) account.
The Minister said that the government has adopted other reform programmes aside from the debt restructuring process to address the “fundamental macroeconomic vulnerabilities” that Sri Lanka faces.
“Highlighted the deep and wide ranging economic reform programme adopted to address fundamental macroeconomic vulnerabilities that contributed to the economic crisis, including significant fiscal reforms, monetary policy adjustment, financial sector stabilisation, debt restructuring, welfare reforms, and governance reforms along with progress on the debt restructuring process.”
He said that the government is in the process of “shifting the economy to a new growth path”, led by “non-debt creating inflows”, excluding exports of goods and services, and FDI. “Whilst the measures to stabilise the economy have been successful, the government is now in the process of shifting the economy to a new growth path which is led by non-debt creating inflows including exports of goods, exports of services, and FDI.”
