Colombo, June 2 (BNA): The International Monetary Fund said today, Friday, that Sri Lanka, which suffers from debt and declared bankruptcy last year, is showing signs of economic improvement, but its recovery still faces challenges.
The Indian Ocean country declared bankruptcy in April 2022 and said it would suspend repayment of its foreign debt.
Sri Lanka reached an agreement with the International Monetary Fund in March for a bailout program worth nearly $3 billion over four years, according to the Associated Press.
Sri Lanka’s economy is showing initial signs of improvement, in part due to the implementation of decisive policy measures.
“But economic recovery remains a challenge,” said IMF Deputy Managing Director Kenji Okamura after concluding a visit to Sri Lanka, where he met with the country’s top leaders and officials.
Okamura said he welcomed the “strong commitment of the Sri Lankan authorities to implement their ambitious economic programme, which is supported by the International Monetary Fund.”
insignificant