With the country currently facing a major financial crisis, there are limited options to recover from. Therefore, whether to seek a bailout from the International Monetary Fund or not will be discussed at the Cabinet meeting to be held on Monday (03).
Central Bank (CB) Governor Ajith Nivard Cabraal and Treasury Secretary S.R. Attygalle have been asked to brief the Cabinet on the country’s financial situation and foreign reserve position.
Sri Lankan Finance Minister Basil Rajapaksa, who returned to from US yesterday is due to attend tomorrow’s Cabinet meeting. The subject of whether to seek IMF assistance is expected to be on the agenda at tomorrow’s meeting.
The Sri Lanka Freedom Party (SLFP), a member of the government, had already put forward the idea of seeking an International Monetary Fund, but it was rejected by some other members of the governing body.
Mr Cabraal has remained adamant that Sri Lanka does not need to seek IMF assistance to come out of its crippling economic crisis.
Environment Minister Mahinda Amaraweera said he also believed the Government had to go to the IMF since there was no option left. There is nothing wrong with seeking international funding, but they are seen by some as interventions in the independence and sovereignty of the country, he added.