Sri Lanka Determined Not To Seek IMF Assistance Again
(MENAFN- Colombo Gazette) Sri Lanka is determined not to seek the assistance of the International Monetary Fund (IMF) for the 18th time.
President Ranil Wickremesinghe said that the latest agreement with the IMF will be tabled in Parliament for a vote.
“First and foremost, it is anticipated that the agreement with the International Monetary Fund (IMF) will be presented to Parliament for a vote on whether or not to support it. We encourage everyone to take a stance on this matter. We propose to support the program, but understand that some may wish to remain neutral,” the President said.
The President said that the key points of the agreement would be enacted into law.
Wickremesinghe expressed these views when he met university professors and heads of economic departments as part of a discussion about the IMF program at the Ministry of Finance.
“We aim to present the basic aspects of the agreement in May, with information about the program being disseminated to rural sectors after the New Year,” the President said.
During the discussion, President Ranil Wickremesinghe also urged universities to send ten of their most talented economics students to engage with government officials and provide their opinions on the International Monetary Fund program.
The President highlighted the need for automation in production and services in order for the country to remain competitive with nations like India and Bangladesh. He emphasized that the education system must be reformed to achieve this goal. However, he made it clear that he did not intend to approach the International Monetary Fund for the 18th time.
“Currently, people are afraid that the economy will collapse and their businesses will fail, so they keep their money in London or Dubai. It's crucial for them to bring that money back to Sri Lanka,” he added.
At the meeting, the President was joined by State Ministers of Finance, the Governor of the Central Bank, the Secretary of the Ministry of Finance, Vice-Chancellors of universities, and lecturers from economic departments. (Colombo Gazette)
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