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Previous IMF approach was a failure: Bandula

31 Dec 2021

BY Ruwani Fonseka 

The International Monetary Fund (IMF) had tried to save the rupee in the past, and that failed as well, said Minister of Trade Bandula Gunawardana. He made this statement while speaking to the media Wednesday (29). “From 2016 to 2019, the country was governed according to the conditions of the IMF. They introduced a fuel price formula in line with that and also increased taxes including VAT (value-added tax). That is why they tried to control the value of the Sri Lankan rupee as well, but everything failed,” stated Gunawardana.  


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