This Sept 1, 2022, handout photograph shows Sri Lanka's President Ranil Wickremesinghe (right) meeting with the senior mission chief for Sri Lanka of the International Monetary Fund Peter Breuer (second left) in Colombo. (PHOTO / SRI LANKA PRESIDENT'S OFFICE VIA AFP)

COLOMBO – Encouraging signs were noted regarding the International Monetary Fund program's impact on stabilizing Sri Lanka's economy, particularly in policy-oriented variables and fiscal areas, IMF Senior Mission Chief for Sri Lanka Peter Breuer said on Friday.

During a meeting with Sri Lankan President Ranil Wickremesinghe, IMF officials congratulated the country on completing the first review under the IMF program, according to the President's Media Division.

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The PMD said the IMF highlighted the positive start of the program, recognizing the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population.

A recent meeting revealed promising revenue collection, indicating the effectiveness of implemented policies since reaching a staff-level agreement in the second half of 2022, the PMD said.

The IMF stressed the importance of perseverance with ongoing reforms, addressing fiscal issues and advancing governance agendas.

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In March 2023, the IMF approved a 48-month extended arrangement of about $3 billion to support Sri Lanka's economic policies and reforms.