IMF Archives

May 24, 2023

On March 20^th 2023, the International Monetary Fund’s (IMF) Executive Board approved a four-year Extended Fund Facility (EFF) arrangement for Sri Lanka amounting to USD 2.9 billion. This was post the agreements with China and India – Sri Lanka’s biggest lenders for additional financial assistance and the first steps in getting Sri Lanka’s economy back on track.

External financial support and debt restructuring alone, however, will be insufficient.

Firstly, Sri Lanka will have to rely on restoring its trade and exports to pre-pandemic levels but in a changed world. The Generalised System of Preference Plus (GSP+), an EU trade regime that gives Sri Lankan exports duty concessions, expires at the end of 2023, and regaining access to the new GSP system will be crucial.

At the recently concluded EU-Sri Lanka 25^th Joint Session of the Commission, The EU delegation commended Sri Lanka on the resilience of its democratic institutions, and the government’s progress in stabilizing the economy. The group also presented the new EU GSP+ Regulation, which is expected to enter into force on 1 January 2024, for the next 10-year cycle.

In the coming months, as Sri Lanka works its path out of the crisis, with support from multilateral institutions, there will be reforms and a restructuring of different sectors and perhaps the entire economy itself. Countries that have fostered long-standing relationships with Sri Lanka including Germany, whose businesses have decades-old business operations in Sri Lanka will assuredly step in to support this transformation process.

As one of the most important economies in Europe, Germany added its voice to that sentiment. A Federal Foreign Office spokesman said Germany is committed to a sustainable solution to the current economic crisis in Sri Lanka and supports the country’s negotiations with the IMF.

In021, Sri Lanka’s exports to the EU were just under USD 3 billion and more than USD 750 million or 25 per cent of that USD 3 billion was in exports to Germany[1]. This indicates the importance of Germany to Sri Lanka’s trade economy. In 2019, trade with Germany crossed USD one billion, growing at around 8-10 per cent year.

The combination of the pandemic and economic crisis have been instrumental in halting that growth, or at best, dampening the growth momentum. Apparel, comprises about 44 per cent of total exports and 33 per cent of direct and indirect employment. The specialisation, innovative capacity and ethical manufacturing practices are the unique selling points for Germany entities to do business in Sri Lanka.

Germany’s Ahlers AG, the second largest manufacturer of men’s fashion in Europe helped set up Dial Textile Industries (DialTex) in Sri Lanka in 1979. The company’s portfolio includes jeans, pants, chinos and cargo pants, all of which make Sri Lanka critical to their supply chain.

“90 per cent of what we produce here in Sri Lanka is sent to our parent company for very discerning premium customers,” says Managing Director of Dialtex Sean Umagiliya. “All processes are done in-house, which means there is an intense focus on quality. Government support for exports right throughout the challenging times ensured that we continued production without any issues.”

As testimony to his company’s confidence in Sri Lanka, Umagiliya points to the company’s investments in modern technology; Dialtex uses laser technology and wash processes that are not only environment-friendly but also add a quality finish. “Countries like Bangladesh and Pakistan differentiate on cost and volume, but we picked Sri Lanka because they innovate better and provide a more personalized service,” he says. Dialtex has been in Sri Lanka for over 43 years and will continue to look at opportunities in and around the country.

Eskimo Fashion Knitwear, another fashion and apparel retail brand based in Chemnitz in the state of Saxony, Germany also established a manufacturing subsidiary in Sri Lanka in 1982. Eskimo produces winter accessories including gloves, shawls, socks, tights and caps. Eskimo was also one of the apparel companies that set up operations in the war-torn North-East of the country as the 30-year-old conflict came to an end in 2009.

“More than 95 per cent of our products are meant for customers like Decathlon and Next in Europe,” says Director and CEO of Eskimo Knitwear Sri Lanka Indika Liyanahewage. “When Eskimo set up in Sri Lanka, the plus points were the country being an open economy, had a quality workforce that was easily accessible and there were other companies who were already well established.”

When asked how Eskimo was navigating the economic crisis, Liyanahewage says he is confident the crisis will end. “We basically go back to basics,” he adds. “We optimise resources, manage costs efficiently, and while doing that, we protect our people, ensuring their livelihoods are stable.”

What of the future? “We will be making investments in machinery and equipment, but that’s directed at maintaining quality and meeting customer expectations,” Liyanahewage says. “We aren’t planning any expansion just yet as we are still monitoring developments in our markets globally. Our German owners love Sri Lanka and are very happy with the work environment.”

While Eskimo and DialTex have been in Sri Lanka for 40 years, there have been more recent entrants from Germany including Prym Intimates Division, a joint venture between Germany’s William Prym and UK’s Stretchline. With a legacy of close to 500 years, Prym Group is the JV supplier to global intimate wear brands, who set up in Sri Lanka in 2002, manufacturing Hook & Eye closures, Bra-wires, rings and slides, bra straps and other components used in intimate wear.

“While we export mostly to the USA, about 35% per cent of our products are for the European brands of which approx. 10% goes to Germany,” says CEO Vasu Wijegoonawardena. “Plans are afoot to increase our market share in Europe by over 50% over the next few years as we see potential in this region,”

While the crisis hasn’t dampened optimism or confidence, he says, “Prym has been in Sri Lanka since the war and this is not our first crisis,” he says. However, he acknowledges that the high inflation and the unrest was concerning, leading to buyers wondering about fulfilling delivery commitments. “But we managed these concerns well as Prym did meet all timeline commitments.”

Like the others, Prym established operations in Sri Lanka because it seemed a good prospect at that time. “In the 20 to 25 years of being here, we have a whole new pool of talent that has developed to serve the needs of the apparel industry,” Wijegoonewardena points out.

All three companies differ in operational scale and in product mix, but all agree that continued market access to the EU under the GSP+ regime matters. Another aspect they concur on is that the government of Sri Lanka must stay committed to ensuring that Sri Lanka remains in that GSP+ regime.

“Access will not be lost on January 1^st, 2024,” says Umagiliya from DialTex Industries. “There will be a two-year grace period in which Sri Lanka can make its case and continue to have GSP+ privileges for another two years until the end of 2025.” In that time frame, Sri Lanka must do whatever is necessary to maintain market access to the EU under GSP+.” They also agree that pursuing an FTA would be a good option as well.

Perhaps most importantly, all three companies have made serious commitments to worker welfare in multiple ways especially during the pandemic and the current macroeconomic crisis by providing cost of living adjustments and other non-cash benefits. In tandem, they are also investing in building capacity and in communities through diverse sustainability initiatives designed to empower and sustain both the worker and the business.

[1] Export Development Board. Market and Country Brief, Germany 2022

January 27, 2023

Despite the remarkable resilience of our people, industries and enterprises, Sri Lanka’s economic outlook in 2023 – along with approximately 1/3rd of all countries according to the IMF – appears bleak. Worse yet is the fact that this economic fall from grace was entirely predicted for many years, even prior to the onset of the COVID pandemic.

The fact that Sri Lanka’s policy makers chose to do nothing to avoid economic catastrophe despite being clearly, forcefully and repeatedly warned about this inevitable outcome has been a source of shock to many.

But to those in the plantation industry who have been grappling with systematic ineptitude from policymakers for decades, their consistency in making the wrong decisions is an all too familiar pattern that only helps to illustrate the root cause of these issues, namely the absence of credible and informed stakeholder consultation in policy making.

One of the best examples of this dynamic has been the disastrous decision to convert Sri Lanka into 100% organic agriculture overnight. Implemented with zero consultation or consideration of the interests of the industry and its stakeholders, almost every expert agrees that this decision was the proverbial straw that broke this nation’s back.

Nearly 500 million missed opportunities

From the time it was first announced, the plantation and agriculture sector, including tea smallholders and Regional Plantation Companies (RPC) alike were unanimous in their opposition and scientific criticism of this policy.

Yet instead of taking these accurate perspectives into account, logic was discarded in favour of agri-policy derived from election podiums, leading to a total ban on the importation of all synthetic agri-chemicals. Based on the performance of Sri Lankan tea alone, we now have a minimum dollar value to illustrate the size of that mistake.

Today the Sri Lankan tea industry has been set a target of US$ 1.5 billion in precious export revenue. A shortage in supply of quality Greenleaf means that Sri Lankan tea has also benefited from some of the highest dollar prices on tea exports since 2017. Coincidentally, Sri Lanka’s export earnings from tea at that time stood at approximately US$ 1.5 billion, meaning that our current target is simply to do as well as we did in 2017.

However, despite having regained the same favourable prices that we enjoyed in 2017, in 2022, our nation was only able to produce approximately 250 million kg of tea, where in 2017, we had produced 307 million kgs. The result is that we only generated just under US$ 1.1 billion in tea exports last year, as compared with US$ 1.5 billion in 2017. The shortfall was worth approximately US$ 466 million – funds that could have been utilized for the purchase of fuel, gas, and medicines and other essential items.

Given the rapidly deteriorating global economic climate that we all face in 2023, all Sri Lankans must now appreciate that as a nation, we have no margin of error left. In that spirit, on behalf of all RPCs, we wish to once again reiterate our industry’s core policy priorities over the coming year.

Wage reform towards productivity-linked earnings

The debate surrounding wages has been a longstanding one, and has once again come under the spotlight with the increase in the cost of living. Two years ago, our industry was compelled for the first time since 1992 to enter into litigation as a result of the ill-advised decision on the part of Trade Unions to abandon the terms of the Collective Bargaining Agreement by involving the Wages Board to pay a daily wage of Rs. 1000 per day.

Despite challenges faced within the industry, we must reiterate that we have been able to honour our commitment even at present, to pay the said amount amidst certain factions having falsely accused RPCs for not doing so.

While certain parties demand limiting the pay to Rs. 1,000, The Planters’ Association of Ceylon have time and again advocated for a model that will allow a worker to earn beyond this. We believe it is long past time to move away from the archaic colonial era daily wage model and into a system that will incentivize workers based on performance. A productivity linked wage model has seen a positive impact on many estates and has proven its effectiveness among tea-small holders who contribute to 70% of the tea production in the country.

Typically on estates where it has been tested, harvesters have, on average, increased their output from 18kg to 24kg and have earned over Rs. 65,000. While some trade unions and other groups continue to offer knee-jerk opposition to these reforms, workers with actual first-hand experience with the productivity linked wages are overwhelmingly in support of them.

This is because, on average, they have the potential to increase their earnings by 80% -100% relative to the current fixed daily wage of Rs. 1,000 that was forced on the sector through the Wages Board. Moreover, productivity-linked wages offer flexibility to harvesters in the time spent on the fields and are incentivized based solely on performance and output.

We believe this could also provide a solution to the shortage of labour experienced in the industry at present. For the RPC sector, our workforce has reduced from 300,000 down to approximately 100,000 to date, and shows no signs of stopping. Especially if Sri Lanka is to achieve its national production targets our first priority is to implement every viable measure to reverse the migration of labour out of the plantation sector.

Land use policies and diversification – our way forward

While tea and rubber have put Sri Lanka on the map, we believe it is an opportune time for Sri Lanka’s plantation sector to diversify its product offerings to the world. It is absolutely critical for Sri Lanka to harness its resources and assets in the most optimum level possible, however to do this RPCs need to be given a free hand to determine its own land use policies should it be beneficial for the economy.

In instances where the land has become unsuitable for crops like tea or rubber, plantations should be looking to instead produce other valuable crops like coffee and spices which most of our RPCs have been successful in doing so, however, there is more that can be done. Companies are already experimenting with crops like avocado and berries which have yielded successful results, and valuable new export opportunities.

In that regard, another crop with strong export earning potential is Oil Palm. We cannot overlook the economic benefits this golden crop could offer Sri Lanka, especially at a time when the country requires dollars to purchase essentials like fuel, medicines and gas. At present Sri Lanka produces approximately 25,000 MT, where Sri Lanka imports 200,000 MT of palm oil for domestic usage. The value of those imports is now over Rs. 24Bn.

Like the 100% organic strategy before it, the campaign against oil palm cultivation has long been proven to be completely lacking scientific facts, and PA has since the beginning provided evidence as to how this crop can be grown in an ethical and sustainable manner without causing harm to the environment.

Diversification is not merely a revenue growth strategy – it is a de-risking strategy, which ensures that even when one industry experiences a downturn, others may be able to continue, ensuring the financial viability of the whole. However to do this successfully, RPCs require support from the government by enabling and providing the necessary assistance to grow crops that are financially viable and freedom to utilize the land in the best possible way.

Crisis as an opportunity for greater collaboration

Since the privatization of the plantation sector in 1992, RPCs have come a long way, with the past two years being incredibly challenging for all. This has pushed the sector become innovative and use technology to unlock new potentials in the industry – an example to this is the online auction system which was implemented during a short period of time.

RPCs have also been experimenting with precision agriculture, in order to optimize plant nutrition and effective utilization of agri-chemicals following the ban with some even going into producing their own fertilizer to cut down on cost and to be able to meet their requirement.

These promising advancements are a testament to the plantation sector’s ability to adapt and find innovative methods amidst crisis. However if we are to unlock the full potential of this billion US dollar industry it is imperative that we learn from the mistakes of the past, and work together to prevent any further repetitions of the kinds of policies that got us to this point.

Privatisation in its true form is therefore the only way forward, to allow business to do business, while the government should stay focused on policy that is led by individuals who understand and are focused on commercial realities. It is safe to say that the spirit of privatization is the spirit of democracy where collaboration is essential to securing the best outcome for all.

July 1, 2022

The IMF team had constructive and productive discussions with the authorities on economic
policies and reforms to be supported by an IMF Extended Fund Facility (EFF) arrangement.
Significant progress was made, and discussions will continue virtually towards reaching a stafflevel agreement on the EFF arrangement in the near term.
The objectives of the new IMF-supported program would be to restore macroeconomic stability
and debt sustainability, while protecting the poor and vulnerable, safeguarding financial stability,
and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s
growth potential.

An International Monetary Fund (IMF) mission team led by Messrs. Peter Breuer and Masahiro
Nozaki visited Colombo from June 20 to 30, 2022 to discuss IMF support for Sri Lanka and the
authorities’ comprehensive economic reform program. Ms. Anne-Marie Gulde-Wolf, Deputy Director
of the IMF’s Asia and Pacific Department, participated in policy discussions.

At the end of the mission, Messrs. Breuer and Nozaki issued the following statement:

“Sri Lanka is going through a severe economic crisis. The economy is expected to contract
significantly in 2022, while inflation is high and rising. The critically low level of foreign reserves has
hampered the import of essential goods. During the in-person visit, the team witnessed some of the
hardships currently faced by the Sri Lankan people, especially the poor and vulnerable who are
affected disproportionately by the crisis. We reaffirm our commitment to support Sri Lanka at this
difficult time in line with the IMF’s policies.

“The authorities’ monetary, fiscal policy and other actions since early April were important first steps
to address the crisis. The team had constructive and productive discussions with the Sri Lankan
authorities on economic policies and reforms to be supported by an IMF Extended Fund Facility (EFF)
arrangement. The staff team and the authorities made significant progress on defining a
macroeconomic and structural policy package. The discussions will continue virtually with a view to
reaching a staff-level agreement on the EFF arrangement in the near term. Because public debt is
assessed as unsustainable, Executive Board approval would require adequate financing assurances
from Sri Lanka’s creditors that debt sustainability will be restored.

End-of-Mission press releases include statements of IMF staff teams that convey preliminary
findings after a visit to a country. The views expressed in this statement are those of the IMF staff
and do not necessarily represent the views of the IMF’s Executive Board.

“In this context, discussions focused on designing a comprehensive economic program to correct the
macroeconomic imbalances, restore public debt sustainability, and realize Sri Lanka’s growth
potential. Discussions advanced substantially during the mission, including on the need to reduce the
elevated fiscal deficit while ensuring adequate protection for the poor and vulnerable. Given the low
level of revenues, far-reaching tax reforms are urgently needed to achieve these objectives. Other
challenges that need addressing include containing rising levels of inflation, addressing the severe
balance of payments pressures, reducing corruption vulnerabilities and embarking on growthenhancing reforms. The authorities have made considerable progress in formulating their economic reform program and we are looking forward to continuing the dialogue with them.

“The IMF team held meetings with President Gotabaya Rajapaksa, Prime Minister and Finance
Minister Ranil Wickremesinghe, Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe,
Secretary to the Treasury K M Mahinda Siriwardana, and other senior government and CBSL officials.
It also met with Parliamentarians, representatives from the private sector, civil society organizations,
and development partners.

“We would like to thank the authorities for the candid approach and warm hospitality and are looking
forward to continuing our discussions in support of Sri Lanka and its people.”

March 28, 2022

The International Monetary Fund (IMF) has published its Article IV Staff Report on Sri Lanka. The Article IV process included;

a) a visit to Sri Lanka by an IMF staff team in December 2021 during which consultations were held with the Ministry of Finance (MoF) and the Central Bank of Sri Lanka (CBSL), as well as several other government agencies, financial institutions and private organisations and individuals,
b) further clarifications sought by the staff team upon their return to the IMF Headquarters,
c) discussion at the Executive Board of the IMF on the Article IV Report, by which time the Sri Lankan authorities had consented in principle to the publication of the Report
d) a press release being issued by the IMF upon conclusion of the Executive Board discussion,
e) an IMF team visiting the country to apprise His Excellency the President on the findings of the Article IV consultation,
f) the final clearance being provided by the Sri Lankan authorities, and
g) the publication of the final Report on 25 March 2022.

Meanwhile, the CBSL has continued to publish its analysis, in addition to providing further in-depth analysis on policy matters to the Government and engaging in a continued close dialogue with the Government on the same.

At the same time, several policy adjustments have already been made by the MoF and the CBSL. These include monetary policy tightening since August 2021, allowing exchange rate flexibility, removing restrictions on foreign exchange market transactions, implementing envisaged revenue enhancing measures, and allowing market-based price adjustments to key commodities.

With the Government indicating that it is seeking a closer engagement with the IMF, the CBSL stands ready to cooperate in such an engagement.

September 7, 2021

The virtual broadcast will see President Hichilema outline his plans to restore macro-economic stability to Zambia in conversation with the Chairman of Invest Africa

LONDON, United Kingdom, September 6, 2021/ — The newly elected President of Zambia, H.E. Hakainde Hichilema, will address over 1000 global businesses and investors at Invest Africa (www.InvestAfrica.com)’s flagship event, The Africa Debate (www.TheAfricaDebate.com), on 15^th September. The virtual broadcast will see President Hichilema outline his plans to restore macro-economic stability to Zambia in conversation with the Chairman of Invest Africa, Rob Hersov.

Hichilema was elected to Zambian presidency last month on the promise to tackle the county’s debt problem and usher in a return to growth. Zambia has been hit hard by the pandemic, falling into its first recession since 1998 last year. In November 2020, the country became the first African nation to default on its sovereign debt since the start of the pandemic. The global shutdown came on the tails of a challenging few years which had seen growth slow to around 3% since 2015.

In his inaugural address Hichilema stated that his government’s “focus over the next five years will be on restoring macroeconomic stability”. He promised to “grow [the Zambian] economy so that we can list more people out of poverty than ever before.” Securing an IMF deal is high on the new President’s list of priorities as he seeks to rebuild his nation’s financial credibility globally. He has appointed former IMF advisor, Situmbeko Musokotwane, as his finance minister, promising to balance the budget and tackle corruption.

At The Africa Debate, President Hichilema will join a line up that includes senior representatives from the IMF, the African Development Bank, the International Finance Corporation, the Development Bank of Southern Africa and Afreximbank as well as private investors Ninety One, Alterra Capital, Leapfrog Investments and Renaissance Capital (https://bit.ly/3yJnbTL).

The online forum will provide the opportunity for Africa’s newest leader to introduce his policy platform to global investors and businesses. Securing private sector buy-in will be essential to the incoming government’s promise to stimulate growth and create jobs for Zambia’s young population.

Karen Taylor, CEO of Invest Africa said, “We are delighted to welcome H.E. Hakainde Hichilema to The Africa Debate following his election to the Zambian presidency last month. The Africa Debate has a long history of hosting Heads of State from across the Continent and providing a platform for direct dialogue with international investors and multinational businesses. We look forward to receiving an update from President Hichilema on his government’s priorities for the Zambian economy going forward.”

For more information about The Africa Debate and how to attend please click here (https://bit.ly/3BPwOSu).

Distributed by APO Group on behalf of Invest Africa.

March 19, 2020

Focus on private sector and workers spearheaded by IFC to mitigate financial and economic impact of crisis

The World Bank and IFC’s Boards of Directors approved today an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19. The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector.

IFC, a member of the World Bank Group, will increase its COVID-19 related financing availability to $8 billion as part of the $14 billion package, up from an earlier $6 billion, to support private companies and their employees hurt by the economic downturn caused by the spread of COVID-19.

The bulk of the IFC financing will go to client financial institutions to enable them to continue to offer trade financing, working-capital support and medium-term financing to private companies struggling with disruptions in supply chains. IFC’s response will also help existing clients in economic sectors directly affected by the pandemic–such as tourism and manufacturing—to continue to pay their bills. The package will also benefit sectors involved in responding to the pandemic, including healthcare and related industries, which face increased demand for services, medical equipment and pharmaceuticals.

“It’s essential that we shorten the time to recovery. This package provides urgent support to businesses and their workers to reduce the financial and economic impact of the spread of COVID-19,” said David Malpass, president of the World Bank Group. “The World Bank Group is committed to a fast, flexible response based on the needs of developing countries. Support operations are already underway, and the expanded funding tools approved today will help sustain economies, companies and jobs.”

The additional $2 billion builds on the announcement of the original response package on March 3, which included $6 billion in financing by the World Bank to strengthen health systems and disease surveillance and $6 billion by IFC to help provide a lifeline for micro, small and medium sized enterprises, which are more vulnerable to economic shocks.

“Not only is this pandemic costing lives, but its impact on economies and living standards will likely outlive the health emergency phase. By ensuring our clients sustain their operations during this time, we hope the private sector in the developing world will be better equipped to help economies recover more quickly,” said Philippe Le Houérou, Chief Executive Officer of IFC. “In turn, this will help vulnerable groups to more quickly recover their livelihoods and continue to invest in the future.”

Having mobilized quickly at the time of the 2008 global financial crisis and the Western African Ebola virus epidemic, IFC has a successful track record of implementing response initiatives to address global and regional crises hampering private-sector activity and economic growth in developing countries.

The IFC response has four components:

• $2 billion from the Real Sector Crisis Response Facility, which will support existing clients in the infrastructure, manufacturing, agriculture and services industries vulnerable to the pandemic. IFC will offer loans to companies in need, and if necessary, make equity investments. This instrument will also help companies in the healthcare sector that are seeing an increase in demand.

• $2 billion from the existing Global Trade Finance Program, which will cover the payment risks of financial institutions so they can provide trade financing to companies that import and export goods. IFC expects this will support small and medium-sized enterprises involved in global supply chains.

• $2 billion from the Working Capital Solutions program, which will provide funding to emerging-market banks to extend credit to help businesses shore up their working capital, the pool of funds that firms use to pay their bills and compensate workers.

• A new component initiated at the request of clients and approved on March 17: $2 billion from the Global Trade Liquidity Program, and the Critical Commodities Finance Program, both of which offer risk-sharing support to local banks so they can continue to finance companies in emerging markets.

IFC is already working to deploy its response financing. For example, we recently expanded trade-financing limits for four banks in Vietnam by $294 million so they could continue lending to companies in need, especially small and medium-sized enterprises. IFC will maintain its high standards of accountability, while bearing in mind the need to provide support for companies as quickly as possible. IFC management will approve projects based on credit, environmental and social governance and compliance criteria, as applied in past crisis responses.

About IFC IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

Contacts:

IFC: Pierre Mejlak, (202) 458-2278, pmejlak@ifc.org
World Bank: Nicole Frost, (202) 458 0511, nfrost@worldbankgroup.org
Website: https://www.worldbank.org/en/who-we-are/news/coronavirus-covid19

From Resilience to Revival – Rebuilding Bigger, Better, Faster, More By The Joint Apparel Association Forum

Upholding the spirit of privatization essential to unlocking the true potential of RPCs

IMF Staff Concludes Visit to Sri Lanka

The CBSL’s Comments on the IMF Article IV Report

Zambia’s new president, H.E. Hakainde Hichilema, to join the IMF, WHO and IFC at The Africa Debate next week

World Bank Group Increases COVID-19 Response to $14 Billion To Help Sustain Economies, Protect Jobs