"It'll Be More Attractive To Remain In Sri Lanka" As Turnaround is Impressive, Says IMF

COLOMBO (News 1st); The International Monetary Fund has highlighted the significant progress Sri Lanka has made under the IMF programme. Peter Breuer, Senior Mission Chief for Sri Lanka, noted that the country's reserves have already reached about half of the programme's objective, which he described as very impressive.

Breuer reflected on the dramatic turnaround in Sri Lanka's economic situation, stating, "When I first arrived in Sri Lanka in June 2022, the country was in crisis. People were queuing for fuel, cooking gas, food, and medications, and economic activity was severely subdued. In real terms, Sri Lanka lost about 10% of its economic activity due to the crisis."

Since the implementation of the IMF programme in 2023, Sri Lanka has recovered 40% of the income it lost over the preceding five years.

Breuer highlighted the recent growth rate of 5.5% as evidence of this significant recovery.

He expressed optimism about the future, noting that as economic opportunities return, incomes will rise, poverty will decrease, and emigration may slow as people find new opportunities within the country.

Breuer noted that the IMF has increased its projections for Sri Lanka for 2025 and beyond, reflecting a positive outlook for the country's continued recovery.