The Joint Apparel Association Forum (JAAF) representing Sri Lanka’s apparel exporting entities welcomed the progress made by the authorities in securing financing assurances from China, India and the Paris Club creditors, paving the way for the IMF to consider approval of the long-awaited USD 2.9 billion bailout package.
JAFF said in a statement that with official creditors aligning their support, it hopes talks with private sector creditors too will follow suit to expedite consensus on the country’s debt restructuring plans.
They expressed hope that the Letter of Intent submitted by President Ranil Wickremesinghe and Central Bank Governor Dr Nandalal Weerasinghe will be received positively by the IMF Executive Board.
As the country’s largest foreign exchange earner, JAAF while seeing these important steps in the recovery process for the Sri Lankan economy said that good governance and recognition of the democratic process are also important.
They said 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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