Marrakech (News 1st); The Sri Lankan delegation attending the 2023 Annual meetings of the World Bank and the International Monetary Fund looked for support during discussions with representatives from the two global agencies.
State Minister Shenan Semasinghe who is leading the delegation posted on X, that he along with Central Bank Governor Dr. Nandalal Weerasinghe, and Secretary to the Treasury Mahinsa Siriwardhana Met with the Executive Director of the IMF K. Subramanian to discuss the progress of the IMF programme and the current economic conditions including challenges and opportunities faced by Sri Lanka’s economy.
He also said that a discussion was held with the Executive Director of the World Bank Parameswaran Iyer about the programmes supported by the World Bank to Sri Lanka and expressed gratitude for the support provided to the economic stability and the success of the reforms in Sri Lanka.
For Sri Lanka, the 2023 Annual Meetings are particularly important. The country is currently facing a severe economic crisis, with high inflation, low foreign reserves, and a large debt burden. The government is in the process of negotiating a bailout package with the IMF, and the Annual Meetings will provide an opportunity for Sri Lankan officials to discuss their progress and seek support from other member countries.
In addition to the official meetings, the Annual Meetings also feature a variety of side events and seminars on a wide range of development topics. These events provide an opportunity for Sri Lankan policymakers and other stakeholders to learn about best practices and network with experts from around the world.
2023 IMF, World Bank Annual Meetings and importance to Sri Lanka:
Secure financial assistance: The Annual Meetings provide an opportunity for Sri Lanka to secure financial assistance from the IMF and other member countries. The government can use this assistance to help stabilize its economy and finance its development programs.
Attract foreign investment: The Annual Meetings also provide an opportunity for Sri Lanka to attract foreign investment. The country can use the meetings to showcase its investment potential and to meet with potential investors.
Share best practices: The Annual Meetings feature a variety of side events and seminars on a wide range of development topics. Sri Lankan policymakers and other stakeholders can learn from the experiences of other countries and share their own best practices.
Overall, the 2023 IMF and World Bank Annual Meetings are an important opportunity for Sri Lanka to advance its economic and development goals.
Experts opine that the government should make the most of this opportunity to secure financial assistance, attract foreign investment, share best practices, and build relationships with other countries and international organizations.
One of the key events at this year’s annual meetings is the release the World Economic Outlook’s October 2023. The World Economic Outlook (WEO) which provides a comprehensive analysis of the global economic situation, including economic growth, inflation, and other key macroeconomic indicators.
The WEO serves as documentation for meetings of the International Monetary and Financial Committee (IMFC) and forms the main instruments of the IMF’s global surveillance activities.
