The Group of 24 (G-24), during a press conference at the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group, highlighted the notable progress Sri Lanka has made in its economic recovery while advocating for more inclusive global debt resolution frameworks to further assist middle-income countries like Sri Lanka.

Responding to a question on Sri Lanka, Iyabo Masha, from the G-24 Secretariat, commended the nation’s economic improvements since its fiscal crisis. "Sri Lanka has come a long way from where it was two years ago. The last IMF Article IV Consultation assessment shows growth is picking up, fiscal buffers are strengthening, and import duties are rising, signaling signs of recovery," Masha noted.

However, Masha emphasized that while Sri Lanka is on a recovery path, challenges remain regarding debt sustainability. The G-24 is calling for an extension of the Common Framework for debt treatments, which currently benefits only low-income countries, to include middle-income nations like Sri Lanka. The proposed Sovereign Debt Resolution Roundtable, though still under discussion, could offer a platform for these countries to negotiate their debt issues more effectively.

"We want very timely and comprehensive debt reduction for countries, and both middle and low-income nations should qualify. If progress is made in this area, countries like Sri Lanka may greatly benefit," Masha added.

Sri Lanka, having weathered a severe financial crisis in recent years, continues to seek global support to stabilize its economy while navigating the complex landscape of debt restructuring. The G-24’s proposal, if implemented, could offer new hope to Sri Lanka and other nations in similar situations, including Lebanon.

The G-24, consisting of developing nations, advocates for equitable representation in international financial institutions and policies that support the economic interests of its member countries.