Wednesday, October 4, 2023

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Government finally agrees with IMF approach

The Cabinet has approved the holding of discussions with several foreign states as well as fiscal bodies to overcome the country’s economic crisis.

Accordingly, Sri Lanka will be ready to hold discussions with countries including India, China and the United States, and international fiscal bodies such as the International Monetary Fund (IMF), the World Bank and the European Union (EU), revealed Finance Minister Basil Rajapaksa.

The holding of these discussions has been entrusted with several ministers of the Cabinet.

United National Party (UNP) Leader MP Ranil Wickremesinghe and a number of politicians and economic analysts were of the strong opinion that the IMF approach is better than to obtain debts at high interest rates. Wickremesinghe had repeatedly expressed his views on the importance of the IMF approach to solve the prevailing economic crisis in the country.

The government, on the other hand, continued to deny the IMF approach, in what they claimed as a risk of being entitled to strenuous conditions, such as the redundancies in the Public Sector.

Nevertheless, the government has finally agreed with the IMF approach, among others.


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