SL must fully implement IMF package – US Ambassador
The recent IMF package offered to Sri Lanka is the 17th in Sri Lanka’s history and must be the last and if Sri Lanka can stay true to the principles of transparency and competitiveness in the years to come, it will enhance global standings and also create an environment conducive to flourishing innovation, investment, and economic growth.
This was opined by US Ambassador in Sri Lanka Julie Chung at the National Chamber of Exporters hosted event. The difference of this year’s IMF package is that it was offered at a time when Sri Lanka is recovering from its worst economic crisis in history, which shook the country and its people to the core.
“Steering Sri Lanka’s path towards a positive future, away from cyclical negatives, is up to the country and its people.All business leaders of Sri Lanka have a crucial role to play in this process, through your voice in the governance of this country.”
She said that the United States still serves as the largest export market for Sri Lanka across numerous industries.
“Our collaborative efforts with Sri Lankan government counterparts have yielded significant results over the years. Through various technical assistance and capacity-building programs, we have been dedicated to enhancing regulatory transparency, market competitiveness, and environmental sustainability.”
“In the past two years we have also assisted the country in numerous ways including over USD 270+ million technical assistance and also for training in various fields.”
“In additionU.S. International Development Finance Corporation (DFC) also provided nearly half a billion dollars in direct financing to SMEs throughout Sri Lanka in the past several years, to help them weather through the crisis and encourage long-term investments in Sri Lanka’s human capital.”
This includes the USD 553 million financing to help build the West Container Terminal, which in turn sets the infrastructural stage for Sri Lanka to grow its exports to the international market.
She however said that foreign assistance or financing alone is not the guarantee of a brighter future for Sri Lanka.
“However it does provide a chance, a breathing space for Sri Lanka to recover, recalibrate, and chart its path forward.In that path, Sri Lanka will have to continue reforms to promote transparency and competitiveness. History shows that transparency and competitiveness are the cornerstones of a thriving economic landscape, while countries that turned their backs on these principles often faced cycles of downturns and instability.”
In today’s interconnected global economy, the urgency of embracing and promoting ethical trade practices cannot be overstated she said.
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