Ceylon Chamber commends Govt. on Third IMF Review success

Monday, 3 March 2025 04:55 - - {{hitsCtrl.values.hits}}

Calls for continued structural reforms

The Ceylon Chamber of Commerce yesterday congratulated the Government on successfully completing the Third Review under the International Monetary Fund (IMF) Extended Fund Facility (EFF) arrangement.

“The IMF Board’s latest approval and the subsequent disbursement will provide much-needed support for Sri Lanka’s ongoing economic recovery,” The Chamber said in a statement.

The Chamber is particularly pleased to note that two key macroeconomic priorities outlined in its 10-Point Focused Plan of Implementation in the first six months for the new Government (published in September 2024) have been realised: The completion of external debt restructuring and the implementation of credible fiscal policy changes, as reflected in the 2025 National Budget.

As Sri Lanka enters the second half of its four-year IMF program, it is crucial that the Government accelerates the implementation of structural reforms essential for sustainable growth. Key priorities include: Trade facilitation reforms, including the National Single Window and the new Customs Act, advancing Digital ID and Digital Public Infrastructure and enacting critical legislation such as the Economic Transformation Act, strengthening governance reforms to enhance the investment and business environment, and widening the tax net to achieve the fiscal targets through improved revenue administration and digitalisation.

The Ceylon Chamber said it remains committed to collaborating with policymakers to drive these progressive reforms, ensuring not only the successful completion of future IMF reviews but also fostering a transformative growth trajectory for Sri Lanka.

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