Looking at options for SL, no formal request: IMF

4 December 2015 09:11 am - 4 - {{hitsCtrl.values.hits}}

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Sri Lanka has not made a formal request for International Monetary Fund help but the fund's staff is looking at ways to help the island nation, Reuters reported quoting an IMF spokesman.

Prime Minister Ranil Wickremesinghe said this week Sri Lanka would seek an IMF stand-by arrangement to fend off a risk that its economy will be hurt next year by repercussions from events affecting major economies.

"Staff are looking at what might be the best options based on our assessment of the macroeconomic vulnerabilities facing Sri Lanka, the nature and size of its balance of payments needs, and the proposed government policies to address these issues," IMF communications director Gerry Rice told reporters, noting that authorities had expressed interest in a program.

“Staff does have concerns with the proposed 2016 budget, which does not envisage significant consolidation relative to the expected out-turn for 2015.”

Opposition parties said poor economic management was forcing the government to turn to the IMF and any help would come with conditions.

Sri Lanka borrowed $2.6 billion from the IMF through a stand-by facility from 2009 to 2011 to boost its reserves after a balance-of-payment crisis.

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Comments - 4

Whosaystruth Friday, 04 December 2015 03:39 PM

IMF, lies. We believe what our PM says !!!!

karu Friday, 04 December 2015 04:53 PM

With so many high end apartments and hotel complexes coming up are we not a developed country. via DM Android App

Sapu Friday, 04 December 2015 05:07 PM

We will not be needing IMF, PM only said if ISIS affects middle eastern countries our maids work in but now ISIS is losing ground

Sapu Friday, 04 December 2015 05:07 PM

Ok....But what does your comment has to do with the article?

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Looking at options for SL, no formal request: IMF

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