State Minister of Finance explores opportunities at IMF-WBG Spring Meetings for Sri Lanka’s economic recovery

(LANKAPUVATH | COLOMBO) – State Minister of Finance Shehan Semasinghe who led a delegation to the 2023 spring meetings of the International Monetary Fund (IMF) and World Bank Group (WBG) in Washington DC last week said it was a very significant week for Sri Lanka’s efforts to emerge from the economic crisis.

The 2023 spring meetings of the IMF and WBG took place from the 10th to the 16th of April.

The State Minister said on the sidelines of the meetings, he has engaged with global leaders to discuss Sri Lanka’s priorities and explored opportunities for collaboration to further the progress we have made towards Sri Lanka’s economic recovery.

The Minister met with the President of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun and discussed how AIIB and Sri Lanka could work together closely in financing sustainable infrastructure development.

During the meeting, the AIIB President has assured that AIIB will support Sri Lanka to overcome the current crisis.

Meeting with the Co-Chair of the Paris Club Secretariat Mr. William Roos, the two parties discussed the progress made thus far on the debt restructuring process, and the important role played by the Paris Club in this process.

State Minister Semasinghe said he had a very constructive meeting with Kentaro Ogata, Deputy Vice Minister for International Affairs Japan.

The Japanese Vice Minister has recalled the long history of friendship between Sri Lanka and Japan and reaffirmed Japan’s priority to assist Sri Lanka in the debt negotiation process.

The Lankan delegation also held discussions with representatives of G7 nations and developed economies

Japan International Cooperation Agency (JICA) has reiterated its commitment to support Sri Lanka’s economic recovery during a meeting between its Senior Vice President for South Asia, Imoto Sachiko and the Sri Lankan delegation.

JICA eagerly awaits to resume the Japan funded development projects in Sri Lanka, Minister Semasinghe said.

State Minister of Finance also met with Anjali Kaur, Deputy Assistant Administrator for Asia of USAID and appreciated the continued partnership in promoting sustainable economic development in Sri Lanka.

The Minister also took part in the Human Capital Ministerial conclave on Investing in Human Capital to Accelerate the Green Transition.

According to the State Minister the forum was an opportunity to discuss policy priorities required to address the adverse impacts on climate change on key human capital outcomes and share the good practices across multiple sectors that collectively support in building a shock resilient delivery system and climate sensitive policies to mitigate risk for the human capital and prepare people for the green economy.

Participating at the Commonwealth Finance Ministers Working Group, the Minister has discussed the challenges faced by Commonwealth nations. Collaboration and knowledge-sharing are critical to addressing these challenges and building resilient economies, he said.

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