By. Harippriya Thahanappu
The International Monetary Fund (IMF) and the World Bank share a common goal of raising living standards in their member countries.
Their approach to achieving this shared goal are complementary: the IMF focuses on macroeconomic and financial stability while the World Bank concentrates on long-term economic development and poverty reduction.
According to this, Sri Lanka is known as a bankrupt country due to the reckless economic activities of the previous governments.
The current President Anura Kumara Dissanayake was able to save the country from the state of bankruptcy with the set economic pattern.
Under the existing circumstances, IMF Communication Department Director Julie Kozack yesterday (07) said, ‘Sri Lanka will have access to about US$ 333 million in financing after the IMF Executive Board approves the Staff Level agreement on the Third Review of Sri Lanka’s EFF programme’.
Kozack added that the IMF Executive Board meeting is expected to take place in the coming weeks.
She said that Sri Lanka staff and the Sri Lankan authorities reached a staff-level agreement on the Third Review of Sri Lanka’s EFF programme on November 23.
Speaking at a press conference held at IMF headquarters yesterday IMF Communication Director said that the economy of Sri Lanka has expended by 5.5 per cent in the third and four quarters of 2024.
“Sri Lanka’s ambitious reforms agenda is delivering commendable outcome, and international reserves have increased to US$ 6 billion at the end of last year,” she said.