Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, lauded President Anura Kumara Dissanayake during a Zoom meeting yesterday (7 March).

The discussion focused on further strengthening the partnership between Sri Lanka and the IMF as the country successfully reaches the halfway mark of its 48-month Extended Fund Facility (EFF) arrangement, which commenced in March 2023.

During the meeting, President Dissanayake expressed his profound appreciation for the IMF’s continued support in recovering from the catastrophic economic crisis of 2022. He highlighted the significant progress Sri Lanka has made in implementing economic reforms, strengthening macroeconomic stability, supporting the vulnerable, and improving governance. The President particularly appreciated the support of the Managing Director, the Senior Management, and IMF staff during the debt restructuring process. He also emphasized the importance of ongoing collaboration to ensure the resilience of Sri Lanka’s economy amidst global economic uncertainties, according to a statement from the President’s Media Division (PMD).

Both the President and the Managing Director agreed on the necessity of continued dialogue and cooperation to achieve sustained stability for Sri Lanka. The meeting concluded with a mutual commitment to work together towards a prosperous and sustainable future for the country, the PMD said.

IMF Chief’s Full Remarks:

“I would like to take this opportunity to express my high respect for what you have achieved since you were elected in office.

We have been a steady partner to Sri Lanka, and it is very satisfactory for us to see progress made on so many fronts.

We recognize that it has been very hard for the people of Sri Lanka, but the reforms that are put in place are already starting to bear fruit.

The economy has stabilized and is now performing well. This is so important for people, especially for poor people.

We see a remarkable turnaround from the days when it was near collapse.

I can say on the 28th of February, when we bring to our board the third review of the program, it would be a moment of celebration.

You also have been very effective in dealing with the bonds. That is a truly remarkable achievement.

So, my very first message to you, Mr. President, is bravo! Congratulations for what you have achieved.

I know it is not easy, but perseverance and strength of commitment do pay off.

I just want to bring to your attention that globally, we are not in an easy place.

And in that sense, taking action domestically to strengthen the economy in this time of more global uncertainty is even more important than it would be if we were in a sort of plain vanilla global economic situation.

So, I want to finish from my side by saying two things.

One, my heart is with you.

You have been so remarkable in getting out of a very difficult situation and then having political change but staying the course on reforms.

You are right—very often, new governments come and they say, ‘Oh, what was before us was all wrong; we start anew.’

If you were to choose that in Sri Lanka, when we were just at the cusp of bringing the country out of a very difficult situation, it would have been very harmful.

So, my heart goes to the people of Sri Lanka, my respect goes to you for what you have achieved.

And my second message to you, Mr. President, if there is anything that you think the Fund can do more—if there is any particular area where you would like us to concentrate more on, to reach out—we would be very happy and eager to back you fully in what has been a successful journey.”