IMF agreement instrumental for debt restructuring (VIDEO)

Date:

The staff level agreement with the International Monetary Fund (IMF) to being entitled to a loan assistance of US $ 2.9 billion should be instrumental in recovering Sri Lanka from the economic crisis befallen it and debt restructuring, emphasised Dhananath Fernando, calling in a briefing today (01).

The economic guru pointed out that with this staff level-agreement, it may be possible to obtain assistance from other countries and international bodies, advising that this should be the last time in which the island nation should seek support from the IMF given the record of six times being successful in seeking support out of sixteen attempts.

Fernando noted that the credit facility yet to be received is not enough to import fuel for a year, but the country can obtain what he described as a ‘good character certificate’ through the staff-level agreement with the IMF. Accordingly, Sri Lanka should take this opportunity to rebuild the country’s economy in the event that the IMF has paid attention on about seven aspects of granting assistance, he added.

These aspects include, autonomy of the Central Bank, protection of the poor, building foreign reserves, stabilisation of the financial and banking system, imposing regulations to stop corruption, and etc.

MIAP

Share post:

spot_imgspot_img

Popular

More like this
Related

AliExpress Suspends Budget Shipping to Sri Lanka Amid Customs Duty Reform

AliExpress, the global e-commerce platform owned by China’s Alibaba...

Sri Lanka Reschedules €30M Debt with Hungary amid Financial Stability Efforts

As Sri Lanka continues to grapple with its worst...

Japan Backs Sri Lanka’s Anti-Corruption Drive with $2.5M UNDP Project

In a significant boost to Sri Lanka’s efforts to...

Govt Unveils 5-Year Plan to Triple Digital Exports and Transform Economy

Sri Lanka has unveiled an ambitious five-year roadmap to...