The United States Ambassador to Sri Lanka, Julie Chung, has hailed the credit facility approved by the International Monetary Fund (IMF) as a crucial step in steering Sri Lanka’s economy towards recovery. In a tweet, Ambassador Chang expressed her satisfaction over the approval of Sri Lanka’s IMF package, adding that it is great news for the country.
The Ambassador emphasized that the Sri Lankan government must continue implementing reforms and finalize debt restructuring agreements to ensure the program and the economy stay on course. She also stressed that these long-term reforms should be carried out with good governance and transparency to ensure the well-being of Sri Lankan citizens.
“Structural and lasting reforms that address good governance and transparency are critical to ensuring all citizens of Sri Lanka can prosper,” she stated.
Ambassador Chang’s comments come after the executive board of the IMF greenlighted an extended arrangement under the Extended Fund Facility (EFF) program of SDR 2.286 billion (approximately USD 3 billion) for Sri Lanka. The program is expected to catalyze new external financing, including from the Asian Development Bank (ADB) and the World Bank, and is aimed at achieving debt sustainability while promoting strong and sustainable growth.