Sri Lanka has recorded a 4.7% GDP growth in the second quarter of 2024, marking the fourth consecutive quarter of positive growth following six quarters of economic contraction since 2022.
State Minister of Finance, Shehan Semasinghe, shared the update on X (formally Twitter), pointing to the success of ongoing reforms.
The south Asian island nation will hold a presidential election on 21st September.
The incumbent government secured a $3 billion bailout from the International Monetary Fund to finance the nation’s recovery from a default-induced slump.
To bolster growth further, Sri Lanka’s new government will have to complete restructuring debt and follow through on IMF-mandated reforms to keep the funds flowing.
The International Monetary Fund (IMF) approved the second review of Sri Lanka’s $2.9 billion bailout in June, but the global lender warned the economy remains vulnerable despite signs of recovery and urged Colombo to do more to restructure a hefty debt burden.
