JAAF Welcomes Progress in Securing IMF Fund Facility

  • Believes assurances received by China, India and Paris Club creditors are signs of attaining stability
  • Commends progress made by Sri Lankan authorities in securing financing assurances

The Joint Apparel Association Forum (JAAF) welcomes the progress made by
the Sri Lankan authorities in securing financing assurances from China, India and the Paris Club
creditors, paving the way for the IMF (International Monetary Fund) to consider approval of the
long-awaited USD 2.9 billion bailout package.
With official creditors aligning their support, JAAF hopes talks with private sector creditors too
will follow suit to expedite consensus on the country’s debt restructuring plans.
JAAF is hopeful the Letter of Intent submitted by President Ranil Wickremesinghe and Central
Bank Governor Dr Nandalal Weerasinghe will be received positively by the IMF Executive
As the country’s largest foreign exchange earner, JAAF sees these important steps in the
recovery process for the Sri Lankan economy. Good governance, and a recognition of the
democratic process is key. It is also imperative that the country makes progress on other
reforms required to get the country back on a growth agenda. These include reforms of the
State-Owned Enterprises, labour law reform and pursuing Free Trade Agreements with
countries like Australia, Japan, Korea and Canada which have enormous potential.

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