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Govt rules out plan with IMF for debt restructuring

2 July 2021 02:27 pm - 10     - {{hitsCtrl.values.hits}}

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The government today ruled out any arrangement with the International Monetary Fund (IMF) for restructuring its debt servicing criterion, but asserted that there were alternatives for it.

Addressing a press conference at the Government Information Department, Money, Capital Markets and Public Enterprise Reforms Ajith Nivard Cabraal said the economy was not on the brink of a collapse despite contrasting remarks by the opposition legislators.

He said the present leaders of the opposition, who identify themselves as economic wizards, tried to prophesize the same predicament during the war time, but the then government managed to tide over all the difficulties.   

“This is exactly what the opposition wishes for. Once the economy is bankrupt, they believe they can capitalize on it to get back to power. Despite economy wizardry claimed by the opposition, the growth rate slowed from 7.4 percent to 2.1 percent during their time between 2015 and 2019,” he said.

The Minister admitted that economy was facing headwinds in certain areas due to the pandemic –induced lockdown of the country. He said though the government would not achieve the expected growth rate of six percent this year, it would reach five percent.

 The Minister emphasized the need to normalize the tourism industry by opening up the country. (Kelum Bandara)

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  Comments - 10

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  • gamini Friday, 02 July 2021 03:40 PM

    alternatives like print more money?

    Buruwa Friday, 02 July 2021 03:46 PM

    You would better study some Basic Economics - You just an accountant.

    Priyantha Perera Friday, 02 July 2021 03:47 PM

    We do not require IMF bail out. We have the Chinese bail out by giving them our land!!!!

    S. De Silva Friday, 02 July 2021 03:53 PM

    Go for monkey market swabs with China.

    RoaringCreek Friday, 02 July 2021 03:54 PM

    Yes, sell our historical and cultural sites and pay back the loans and interest. That is all you can do.

    Dr. N.M. Perera Friday, 02 July 2021 04:02 PM

    Hon. Basil Rajapaksa will sort this out when he takes over.

    E Fernando Friday, 02 July 2021 04:22 PM

    He must be thinking of the all their own finances when he says the country is not bankrupt

    Samson Friday, 02 July 2021 04:23 PM

    Forget the bankrupt opposition. Problem now is that LC"s if opened are not recognised by foreign banks, why? This means that none of the imported essentials and other items will not be in the market. If not bankrupt what is the reason?

    Dakshina Dissanayake Friday, 02 July 2021 04:38 PM

    Cabraal is a full time liar and conner during 2010 - 2015 Govt he was involved in number of disastrous investments projects including Greek bonds.

    gamini Friday, 02 July 2021 04:41 PM

    yes you are right Mr. Economist We should borrow only from China at exorbitant rates


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