Eran slams IMF’s transparency policy which allows policy intentions to remain secretive

Thursday, 23 March 2023 01:36 - - {{hitsCtrl.values.hits}}

Asks IMF to look into its own transparency and questions the secrecy surrounding its policy intentions
Notes global institutions speak to countries such as SL about transparency but do not wish to reveal their own policies
Says obtaining a loan is not a matter to be celebrated with milk rice and lighting of crackers and people must understand the problem has not been solved

SJB MP Eran Wickramartne

Samagi Jana Balawegaya MP Eran Wickramartne has slammed the transparency policy of the International Monetary Fund (IMF) set out in its report on Sri Lanka. The MP holding a press conference yesterday noted that the IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of authority’s policy intentions in published staff reports and other documents.

“I understand that no one should be giving out market-sensitive information having been a banker myself. But I do not agree with this clause that says they must not disclose the authority’s policy intentions,” the MP said.

Wickramaratne said the IMF should look into its own transparency. “Some of these global institutions speak to countries like us about transparency but then why not your policy intentions? What is so secretive about your policy intentions being known?” the MP asked. The MP said the SJB is not agreeable to this and policies must be made public.

Wickramaratne also said obtaining a loan is not a matter to celebrate by having milk rice or by lighting crackers. “This is a loan obtained to delay the current financial issues. The problem has not been resolved,” he stressed adding that it is important for people to understand this reality. The MP said the IMF agreement will mostly affect the poor and the low-income earners in the country. “Therefore we must be cautious when we are implementing this agreement,” he said.

The MP noted that it is the same persons who created these issues who are not trying to resolve them. “The President may have come into this from outside but it is the same government,” he pointed out.

The MP said that compared with other countries that sought IMF support, only three countries had exceeded 200 days to secure aid, one being Sri Lanka. He noted that Greece managed to obtain aid in a mere seven days. He said the delay in providing aid to Sri Lanka could be due to the lack of trust in it and its failure to abide by agreements struck with organisations.

Meanwhile speaking in parliament yesterday the MP also called on the President to bring to book those who stole public monies. “We made mistakes in the past. We cannot make mistakes yet again. Considering the past we must catch thieves to establish trust. We simply must reflect on the past” he said.