SLID commends govt. for reaching staff-level agreement with IMF

The Sri Lanka Institute of Directors (SLID) commended the staff-level agreement reached between Sri Lanka and the International Monetary Fund (IMF) for an Extended Fund Facility (EFF), in support of Sri Lanka’s economic recovery and the government’s commitment to work with the IMF on the much-needed reforms.

In a statement, the SLID said it particularly welcomes the commitment by the government to address the corruption issue and introduce a strong anti-corruption legal framework in the country. “Sri Lanka is a signatory to the UN Convention against corruption and it is our responsibility as a nation to honour 
this commitment.

The in-depth diagnostic assessment of governance and corruption vulnerabilities in the country planned under the programme and the unfettered implementation of necessary measures to arrest corruption is very important for the economy’s long-term sustainability and the nation’s respectability,” said the SLID.  

As corruption brings significant legal, financial and reputational risks, for its part, the SLID has initiated a Business Collective action programme together with Transparency International Sri Lanka to enable businesses mitigate the corruption risk by strengthening their internal capacities and building a resilience framework. 

 The SLID aims to enhance the transparency and integrity of the business sector, through this effort. Since corruption is a complex problem and requires diverse and innovative solutions, peer collaboration is important.