Sri Lanka cannot simply walk away from IMF: Ranil

President Ranil Wickremesinghe addresses Sri Lanka Customs Department at International Customs Day 2024 celebrations in Colombo

• Highlights intricacies of agreement
• Urges parliamentary leaders of all political parties to engage in comprehensive discussions on position regarding IMF agreement
• Expresses willingness to extend an invitation to IMF Managing Director 

Sri Lanka cannot simply dismiss its engagement with the International Monetary Fund (IMF), President Ranil Wickremesinghe emphasised while citing the complexities that could arise, if a decision is made to do so.

Sri Lanka recently formalised an agreement with the IMF, a collective response to address the profound economic challenges the nation faced, marked as the most severe in its history. This pact stands among agreements endorsed by numerous nations, involving approximately 15-20 others.

“It is an agreement we cannot simply walk away from, necessitating collective discussion and consideration.

However, the unfortunate reality is that our political landscape often resembles the fleeting nature of ‘papadam’ —put in the pan, enjoyed when it blooms and soon forgotten. The cycle repeats, with new issues emerging, gaining momentary attention and eventually fading into oblivion,” he said, speaking at the International Customs Day celebrations yesterday.

Acknowledging the profound implications of the decision on both the present and future generations, Wickremesinghe urged the parliamentary leaders of all political parties to engage in comprehensive discussions concerning the nation’s position on the IMF agreement and whether any amendments are deemed prudent.

Wickremesinghe expressed his willingness to extend an invitation to IMF Managing Director Kristalina Georgieva, for participation in a collective discourse within Sri Lanka. He urged the stakeholders to collaboratively explore diverse perspectives and propose modifications deemed advantageous. 

“Let us collaboratively explore different perspectives and propose modifications, if deemed beneficial. While the amendment process is open for consideration, it is imperative to acknowledge the existing agreement and work towards its implementation,” he said.