Channelling IMF could impose a lot of conditions. Let’s solve the problems in a different approach: CBSL Chief (VIDEO)

Channelling IMF could impose a lot of conditions. Let’s solve the problems in a different approach: CBSL Chief (VIDEO)

24 November 2021 01:28 pm

Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka (CBSL), stated that channelling the International Monetary Fund (IMF) to solve the prevailing economic crisis in the country could entitle Sri Lanka with a number of conditions, including;

  • the suspension of wage increments another five years,
  • the slashing of pensions,
  • the soaring of the interest rates by another 50 percent and
  • the depreciation of the Sri Lankan Rupee to around Rs. 250 compared with the US Dollar,

and questioned whether the parties urging the IMF-approach agree to such conditions.

Accordingly, the CBSL Chief urged those favouring the IMF-approach to divulge before the country whether they agree to such strenuous conditions. The government is trying to meet these challenges via a local mechanism rather than channelling the IMF, he noted.

Sri Lanka would be in turmoil should it seek the help of the IMF at this moment, Cabraal added.

MIAP