IMF Recognizes Sri Lanka as First in Asia to Publicize GDF

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Sri Lanka has achieved a notable milestone by becoming the first Asian nation to unveil its Growth Diagnostic Framework (GDF), marking a pivotal stride towards addressing economic hurdles and fostering sustainable development. Developed in collaboration with the International Monetary Fund (IMF), the framework serves as a comprehensive tool for systematically analyzing economic constraints and guiding the government in prioritizing policies to remove barriers and stimulate growth effectively.

Joel Turkewitz, Deputy Division Chief of the IMF’s Legal Department, underscored the framework’s importance, particularly in addressing corruption issues. Turkewitz highlighted the significance of appointing Commissioners to the Anti-Corruption Commission in a rule-based manner as a visible demonstration of commitment to combating impunity.

This achievement was spotlighted in a recent episode of Advocata Studio released on January 21, featuring Advocata Chair Murtaza Jafferjee, alongside IMF senior representatives Peter Breuer and Joel Turkewitz. The discussion shed light on Sri Lanka’s proactive stance in leveraging IMF expertise to diagnose and tackle critical economic challenges.

Peter Breuer, IMF Senior Mission Chief for Sri Lanka, expressed optimism about the country’s dedication to reform and growth, emphasizing the importance of enforcing rules effectively, especially in the selection of Commissioners for the anti-corruption body.

In conclusion, the IMF representatives reiterated their commitment to assisting Sri Lanka in implementing the framework, marking a significant step forward in Sri Lanka-IMF relations and offering prospects for positive changes in the country’s economic governance.

Breuer also stressed the crucial role of governance and efficient management in public banks, given their substantial influence on Sri Lanka’s financial system and the facilitation of financial flows. Enhancing the efficiency of banks can reduce the cost of capital, ultimately contributing to reviving growth and positioning Sri Lanka on a path of stable and inclusive economic expansion.