IMF airs Sri Lanka reform progress at Sampath Bank Economic Forum
The absence of a staff-level agreement does not mean that the International Monetary Fund’s Extended Fund Facility (EFF) programme is off track, IMF Resident Representative for Sri Lanka Martha Tesfaye Woldemichael has said.
Discussions can require additional time to reach agreement on key policies and parameters she told the Sampath Bank Economic Forum 2026.
Sri Lanka’s transition from economic stabilisation to its next phase of sustainable growth took centre stage at the event which brought together policymakers, economists and business leaders.
The seventh review of Sri Lanka’s Extended Fund Facility (EFF) programme is ongoing.
Woldemichael said almost 85% of the total program objectives of the current programme were achieved, and highlighted the need to continue the reform agenda.
However, she also addressed concerns surrounding proposed amendments to Sri Lanka’s Anti-Corruption Act.
Woldemichael noted that the IMF supports reviewing the legislation based on implementation experience, “while raising concerns that some proposed amendments could weaken transparency and accountability, particularly in relation to public access to asset declarations, redaction rules and the scope of asset declarations”.
The IMF has similarly stated that preserving the integrity of the anti-corruption legislative framework remains critical to public trust.
The next challenge is moving from stabilisation to transformation through reforms that improve the business environment, attract investment, expand exports and generate durable growth, Woldemichael said.
The Forum also featured insights from Central bank of Sri Lanka Governor Nandalal Weerasinghe, and Hiran Cabraal, Independent Non-Executive Director of Sampath Bank.
The panel discussion, moderated by Tharindu Abeywardana, Chief Economist and Head of Research at Sampath Bank, examined Sri Lanka’s growth prospects and the implications of global economic shifts.
Sri Lanka’s progress now requires collective action, Sampath Bank Managing Director and Chief Executive Officer Sanjaya Gunawardana said.
Source: Economy News
