IMF audit on MR projects

13 February 2016 09:49 am - 12 - {{hitsCtrl.values.hits}}

A A A

The International Monetary Fund (IMF) will visit Sri Lanka next week for a joint ‘Forensic Audit’ with the Central Bank to check on the rationale behind the development projects worth US$250 billion launched by the Mahinda Rajapaksa regime just before the 2015 presidential elections, a senior cabinet minister said yesterday.

Minister Sarath Amunugama told the media the consensual government was in a dilemma as to how capital investment could be raised for those development projects because the previous regime had started these projects without a single rupee being allocated either from the Treasury or the Budget.

‘The entire programme amounting to billions of rupees just before the presidential election was a gimmick to hoodwink voters. The consensual government is trying hard to find investors for those massive development projects and it will take a minimum of five years to complete the job,” he said.

The minister warned of an economic crisis in the West especially in the EU countries consequent to the Middle East crisis. It will affect Sri Lanka badly and we must adjust our economic fundamentals to meet this threat. That is why we will have to apply for a standby arrangement on one billion US$ from the IMF.

This is the first time, the consensual government is seeking financial assistance from a global lending agency. The last SBA was approved by the IMF on July 24, 2009 for US$ 2.56 billion or 400 per cent of Sri Lanka’s quota. (Sandun A Jayasekera)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 12

Dee Saturday, 13 February 2016 10:08 AM

Now we need to dash more coconuts

Arnolis Saturday, 13 February 2016 10:23 AM

Better make MR and family pay the financing costs and capital of the white elephants Mattala airport, Hambantota convention center, port, etc.

Wesko Saturday, 13 February 2016 10:49 AM

Now we know , why this man is struggling so much to come back to power to cover up all his wrong doing . Due to this all nation is suffering .

Manushya Saturday, 13 February 2016 10:49 AM

US $ 250 Billion? Are you sure?

patriot Saturday, 13 February 2016 10:52 AM

Ask from Minister Ravi, he has investors.

C.K.Lankaputhra Saturday, 13 February 2016 12:45 PM

Looks as if MR is in dire straits.

United Opp Saturday, 13 February 2016 07:16 PM

Out of the USD 250 billion MR can contribute USD19 billion via DM Android App

Fassey Saturday, 13 February 2016 07:59 PM

Oh what a pity to how many people MR has to answer. This is a good lesson for the present and future leadersIf they are crooked they have to face the consequences.

BuffaloaCitizen Saturday, 13 February 2016 08:19 PM

Not at all, he is the winner. It is we public who are in dire straits because we pay the final bill.

Jen Saturday, 13 February 2016 08:39 PM

Why not get back all the money stacked in Middle Eastern banks, Sell the Marriot hotel , along with the Islands owned in Seychelles. May be can raise about US$ 5B from all these.

Jayantha Saturday, 13 February 2016 09:12 PM

Probe world bank bond robbery as well

Diyani Saturday, 13 February 2016 09:56 PM

Yahapalanaya?

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

IMF audit on MR projects

Comments - 12

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Former MP Palitha Thewarapperuma dies from electrocution

Street food vendor arrested for verbally harassing foreigner

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

Ranil Wickremesinghe caravan moves on despite barking dogs

New Visa procedure implemented

Sri Lankan among NASA’s new crew for next simulated Mars journey

MIRROR CRICKET

TODAY'S HEADLINES