IMF deal to face Parliamentary test next week

Wednesday, 19 April 2023 00:56 - - {{hitsCtrl.values.hits}}

The Government will test the support of all political parties when the Parliament will begin to discuss the Extended Fund Facility (EFF) by the International Monetary Fund (IMF) program next week.

The Cabinet of Ministers at its meeting on Monday cleared to obtain the Parliamentary approval for the provision of the $ 2.9 billion four-year EFF agreement with the IMF.

“The Government’s agreement with the IMF program was presented to the Parliament on 22 March and will be debated next week on key policy measures to be included in the legislative process,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday. He said the opinion of all MPs and political parties will be sought on key policy measures that will be implemented.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers at its meeting on Monday.

The Government promised tough reforms for the $ 2.9 billion IMF bailout program, which became an obligation after the country’s unprecedented economic crisis due to long-neglected fiscal reforms.

The program will help Sri Lanka’ to unlock its borrowing ability from its bilateral and commercial creditors. However, the country has to fulfil and implement some harsh policy measures before that process.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.