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IMF-OP ED: Sri Lanka's Economic Reform Program is Starting to Work—Keep ...
News By Krishna Srinivasan and Peter Breuer Sri Lanka is emerging from an unprecedented economic crisis that imposed significant hardships on its people, especially the most vulnerable. We saw some of these effects in our own travels around the country, as well as some signs of recovery, as we work to help rebalance the economy. The economy grew 1.6 percent from a year earlier in the third quarter of 2023, the first expansion in a year and a half. Inflation has moderated significantly and other economic indicators, such as those for manufacturing and services, add to signs of a broadening recovery. We recently projected that the economy will expand this year and that growth will accelerate next year. Sri Lanka turned to the IMF to contain the 2022 crisis and build a foundation for sustainable and inclusive growth. Together, the country and the IMF agreed on a comprehensive economic reform program to address the causes of the crisis and look after those hurt most by the crisis. Addressing a crisis of this depth requires commitment and strong collective efforts by everyone. An essential part of this effort is restoring government revenue to sustainable levels, more in line with Sri Lanka’s past (Chart 1) and peers (Chart 2). Raising revenue is key to narrowing the gap with expenditures, to attracting partners willing to finance essential services, and to creating space to restart economic growth by bringing down inflation and interest rates. This, in turn, will attract investment, further boosting growth. More work is needed to restore tax revenue to a sustainable level and to prevent the 2022 crisis from repeating itself. Sri Lanka will need to resolutely implement reforms to help achieve a complete recovery. IMF financing has helped avoid more severe outcomes, as we witnessed in 2022 before the IMF program when government spending was more than twice its revenue. With spending on health, education, and other essential services at risk of large cuts, and no access to foreign financing, the government borrowed on domestic markets and from the central bank. That raised domestic interest rates and fueled rapid inflation, curbing lending and growth. IMF financing provides time for reforms to work, catalyzes additional financing from other multilateral and bilateral partners, and is expected to assure creditors that debt repayment capacity can be restored and that the reforms merit debt relief. As the country addresses some of the main causes of the crisi...
Uber marks 10 years in Sri Lanka: Moving People, Powering Livelihoods ...
Uber today marked ten years of operations in Sri Lanka, a decade in which the platform has reshaped how people commute, and how thousands of Sri Lankans earn a livelihood. Over the past decade, ride-hailing has become one of the most transformative shifts in Sri Lanka’s urban mobility landscape, providing safe, reliable and affordable transport at scale.Hon’ble Chathuranga Abeysinghe, Deputy Minister for Entrepreneurship, Ministry of Industries and Entrepreneurship Development, Government of Sri Lanka, graced the milestone event as the Chief Guest. U.S. Ambassador Julie Chung attended as the Guest of Honor, joined by Akanksha Singh, Head – South Asia Markets, Uber, and Kaushalya Gunaratne, Country Manager – Mobility, Uber Sri Lanka.As per the 2024 Sri Lanka Economic Impact Report, compiled by global policy research firm - Public First, Uber and Uber Eats together generated over LKR 160 billion in economic activity in Sri Lanka within a single year. Since its entry in Sri Lanka in 2015, Uber rides have covered over 1.15 billion kilometers - equivalent to nearly 3000 trips from Earth to the moon! Over 320,000 Sri Lankans have earned through the platform as drivers. Uber has also supported the tourism ecosystem, enabling more than 700,000 airport trips, connecting visitors seamlessly to their destinations. Over the last year, we’ve further intensified our service in the Western and Central provinces and expanded our offerings in the Southern and Northern provinces - bringing its services closer to more communities across the country. Uber has emerged as one of the most preferred ride-hailing platforms across the island, offering affordable, reliable, and safer rides at different price points. Hon’ble Deputy Minister for Entrepreneurship, Ministry of Industries and Entrepreneurship Development, Government of Sri Lanka, Chathuranga Abeysinghe, said, “Over the past decade, Uber has become part of the fabric of daily life in Sri Lanka - not only by helping people get where they need to go, but by enabling thousands to earn an income with dignity and flexibility. At a time when the country is navigating both recovery and rebuilding, platforms like Uber play an important role in strengthening mobility, supporting tourism, and expanding economic opportunity. We welcome Uber’s continued commitment to Sri Lanka and its focus on empowering drivers and communities across the island.”Akanksha Singh, Head - South Asia Markets, Uber, said: “As we celebrate ten years in Sri...
CBSL flags economy-wide risks despite stronger buffers
Sri Lanka now faces pressure across its main external channels, with remittances, exports, and tourism all exposed to spillovers from the conflict, testing buffers rebuilt since 2023 through current account surpluses and reserve accumulation. In its Annual Economic Review 2025, the CBSL said Sri Lanka's exposure begins with energy.
SL's rebound fades into slower growth as energy costs, structural gaps ...
Sri Lanka's post-crisis rebound is set to lose momentum in 2026, with the growth moderating as the higher energy costs, structural bottlenecks and external risks begin to weigh on the economy ...
