IMF: Sri Lanka's crisis-hit economy likely to resume growing in 2024 after contracting 3% this year
The International Monetary Fund says Sri Lanka’s crisis-hit economy is expected to resume growing in 2024 after contracting 3% this year
By KRISHAN FRANCIS
Published - May 15, 2023, 10:42 AM ET
Last Updated - Jun 21, 2023, 07:37 PM EDT
COLOMBO, Sri Lanka (AP) — Sri Lanka’s crisis-hit economy is expected to resume growing in 2024 after contracting 3% this year, an International Monetary Fund official said Monday.
Krishna Srinivasan, the IMF's director for Asia and Pacific, said expected economic growth of 1.5% next year hinges critically on the economic reform program Sri Lanka has agreed to undertake, including challenging reforms in five identified areas.
“It is now essential to continue the reform momentum under strong ownership by the authorities and the Sri Lankan people, more broadly,” he said.
Sri Lanka nearly exhausted its foreign currency holdings last year and the island nation announced that it was suspending repayment of foreign loans.
