US envoy advocates Sri Lanka's thorough IMF package execution: Reports

Highlighting the 17th IMF package as potentially the final one, she underscored the pivotal role of business leaders in steering Sri Lanka towards a positive trajectory.

The US envoy also highlighted the United States’ role as Sri Lanka’s largest export market and outlined collaborative efforts aimed at enhancing regulatory transparency and market competitiveness.

Over the past two years, the US has provided substantial technical assistance, capacity-building programmes, and financial aid, including $270 million plus in assistance and significant financing for SMEs through the US International Development Finance Corporation (DFC).

While acknowledging the importance of foreign assistance in facilitating recovery and long-term investments, Chung stressed that it alone does not guarantee a brighter future. Instead, she highlighted the necessity for ongoing reforms to promote transparency and competitiveness, citing their role as foundational elements for sustained economic growth.

Chung also emphasised the infrastructural significance of projects like the West Container Terminal, facilitated by US financing, in enhancing Sri Lanka’s export capabilities while cautioning without continued reforms, the country could face further economic challenges.

Chung highlighted the interconnectedness of the global economy and the importance of ethical trade practices while calling upon the island nation to embrace these principles to ensure a stable and prosperous future.

ALCHEMPro News Desk (DR)