Sri Lanka tells G-24 country’s economy has stabilised

Sri Lanka informed the G-24 Finance Ministers and Central Bank Governors that the country’s economy has now stabilised.

State Minister of Finance Shehan Semasinghe told the delegates during the IMF/WB Spring meetings in Washington that the growth momentum in Sri Lanka has commenced.

“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 debt restructuring process,” the State Minister said on X.

He said that while 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.

Semasinghe stated that Sri Lanka continues to support its multilateral and bilateral partners to meet the formidable challenges successfully. (Colombo Gazette)