Business

Open to have IMF discussions: Dr. Pathirana 

Sri Lanka is open to having discussions with the International Monetary Fund (IMF) and other multilateral lenders for assistance and advice, says Minister of Plantation Dr. Ramesh Pathirana.

He made this statement addressing the media briefing on Tuesday (22) to announce the decision of the Cabinet of Ministers. 

According to the Co-Cabinet spokesman, Sri Lanka is keeping lines of communication open with the IMF and other multilateral lenders such as the Asian Development Bank (ADB) and the World Bank (WB).

Sri Lanka has sought financial assistance and loans from the IMF 29 times in the past 50 years, the minister added, noting that the Government has not taken a firm decision not to seek IMF assistance. 

Due to diminishing foreign exchange, the Opposition, experts and business stakeholders urged the Government to seek IMF assistance to avoid a possible sovereign default. 

However, the Government of Sri Lanka (GoSL) repetitively stated that GoSL does not go for the IMF even though imported essential items were held till importers get hold of foreign exchange. 

Ministry of Media Additional Director General Milinda Rajapaksha – who works closely with the Finance Ministry – stated: “We should not be in a hurry to run here and there without sorting out local issues.”