Growth momentum remains subdued, with real GDP in the second quarter contracting by 3.1 per cent on a year-on-year basis and high-frequency economic indicators continuing to provide mixed signals. Reserve accumulation has also slowed in recent months, the IMF stated. An IMF mission team led by Peter Breuer and Katsiaryna Svirydzenka visited Colombo from September 14-27 to discuss economic and financial policies to support the approval of the First Review of the programme under the EFF arrangement.
At the end of the mission, Breuer and Svirydzenka said in a statement that Sri Lanka has made commendable progress in implementing reforms, but despite early signs of stabilisation, full economic recovery is not yet assured.
"The people of Sri Lanka have shown remarkable resilience in the face of enormous challenges. Sri Lanka has made commendable progress in implementing difficult but much-needed reforms. These efforts are bearing fruit as the economy is showing tentative signs of stabilization. Inflation is down from a peak of 70 per cent in September 2022 to below 2 per cent in September 2023; gross international reserves increased by USD 1.5 billion during March-June this year; and shortages of essentials have eased. Despite early signs of stabilisation, full economic recovery is not yet assured. Growth momentum remains subdued, with real GDP in the second quarter contracting by 3.1 per cent on a year-on-year basis and high-frequency economic indicators continuing to provide mixed signals. Reserve accumulation has slowed in recent months," the statement read.
This story is from the September 29, 2023 edition of The Business Guardian.
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This story is from the September 29, 2023 edition of The Business Guardian.
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