IMF audit on MR projects

2016-02-13 09:49:13

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)


  Comments - 12

  • Dee Saturday, 13 February 2016 10:08

    Now we need to dash more coconuts

    Reply : 1       1

    Arnolis Saturday, 13 February 2016 10:23

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

    Reply : 0       2

    Wesko Saturday, 13 February 2016 10:49

    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 .

    Reply : 1       1

    Manushya Saturday, 13 February 2016 10:49

    US $ 250 Billion? Are you sure?

    Reply : 0       2

    patriot Saturday, 13 February 2016 10:52

    Ask from Minister Ravi, he has investors.

    Reply : 0       2

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

    Looks as if MR is in dire straits.

    Reply : 0       2

    BuffaloaCitizen Saturday, 13 February 2016 20:19

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

    Reply : 0       2

    United Opp Saturday, 13 February 2016 19:16

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

    Reply : 1       1

    Fassey Saturday, 13 February 2016 19:59

    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.

    Reply : 1       1

    Jen Saturday, 13 February 2016 20:39

    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.

    Reply : 1       1

    Jayantha Saturday, 13 February 2016 21:12

    Probe world bank bond robbery as well

    Reply : 0       2

    Diyani Saturday, 13 February 2016 21:56


    Reply : 0       2

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