Approaching the International Monetary Fund (IMF) needs to be done with great caution, according to Janatha Vimukthi Peramuna (JVP) Leader Anura Kumara Dissanayaka. He made this statement during a media brief yesterday (13). "If we approach the IMF, they will present 3 conditions before us. First, they will ask us to let the Rupee float. Secondly, they will say that they represent the free world market, and they will ask us to remove all the import restrictions we have placed and vehicles will be imported to Sri Lanka. Thirdly, they will ask the Government to reduce the expenditure, limit the appointments and cut down the concessions. They will say that our state institutions will have to be converted to profit making enterprises. These conditions will interrupt the lives of the general public," said Dissanayaka. He added that approaching the IMF needs to be looked into extensively before weighing in the pros and cons of requesting aid from the IMF. "This decision needs to be taken by the Central Bank and the Department of State Finance. They must asses the dangers and make a decision. They have to analyze this matter with great caution," he said. Dissanayaka further emphasised on the importance of the migrant workers who have in the past supported the foreign reserves through exchange and how it has not been the same this year. "Our migrant workers brought in remittances of over USD 7.8 bn within the last year alone. We did not receive that amount this year. What happens when the IMF is approached is that they bestow their faith into the asking nation, and small loans are approved with the intention of getting the loans repaid. Out of the 6.7bn US dollars we have received as loans for projects, we have only 1.5bn US dollars as sovereign bonds in the country now. The Hambantota port was built with loans, and now it is sold to the Chinese as we could not repay the loan," said Dissanayaka. He concluded by suggesting that migrant workers and Sri Lankan businessman abroad should be encouraged to come back to Sri Lanka to invest, which would help boost the economy.