The International Monetary Fund says Sri Lanka’s economy is satisfactory and that it is prepared to extend further support to the island nation.
IMF Deputy Managing Director Naoyuki Shinohara and IMF Resident Representative Koshy Mathai have made these references. Mr. Shinohara told a group of journalists that recent third quarter data confirmed the economy’s growth was “pretty good” and that macro-economic stability was commendable. The third quarter GDP points to the economy doing pretty good.
The IMF top official commended the authorities for delivering strong growth, low inflation, fiscal consolidation, and a strengthening of the external accounts since the end of the war in 2009, as well as the ambitious growth and development objectives laid out in the Mahinda Chinthana.
Sri Lanka has also held up its solid economic performance in the face of recent adverse external conditions. He said he expected that Sri Lanka would continue its flexible exchange rate regime—allowing it to serve as a key buffer against external shocks—while reserves are allowed to rise to more comfortable levels. The IMF Managing Director added that they will continue to work closely with the authorities to provide high-quality policy advice to enhance stability and growth.
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