SRI LANKA STATE MINISTER REFUTES IMF STATEMENT

SRI LANKA STATE MINISTER REFUTES IMF STATEMENT

Sri Lanka’s State Minister for Capital Markets has refuted in part the statement by the International Monetary Fund (IMF).

 

Ajith Nivard Cabraal a one time Governor of the Central Bank of Sri Lanka and now a State Minister, issued a statement in Sri Lanka’s capital Colombo today describing the latest IMF statement on Sri Lanka as ‘surprising’.

 

‘The IMF’s response to the news that Sri Lanka has been able to secure a SWAP facility of 10 billion yuan (USD 1.5 billion) from the People’s Bank of China is quite surprising.

 

The request for Covid assistance was made by the Government from the IMF early last year at the time the Covid Pandemic started. But the IMF was dragging its feet in providing that facility.

 

Nevertheless, the Government managed to effectively provide the necessary relief and support to the Sri Lankan people as well as maintain a framework of sound macro fundamentals even WITHOUT such financial support from the IMF.’