Friday Sep 20, 2024
Friday Sep 20, 2024
Friday, 27 January 2023 00:00 - - {{hitsCtrl.values.hits}}
International Monetary Fund (IMF) Executive Director Dr. Krishnamurthy Subramanian yesterday said the political will displayed by the Sri Lankan leadership to speed up reforms and implement difficult tax increases in order to revive the economy is highly appreciable.
Dr. Subramanian, who called on Prime Minister Dinesh Gunawardena yesterday said almost all the requirements for the IMF relief package for Sri Lanka have been completed and the moment the final assurances from major lending countries is completed, the process would be finalised.
“We will bat for you,” IMF Executive Director said using cricket jargon. “We play forward with a straight drive for you and whenever necessary, we play cover drives too,” said Dr. Subramanian who was Chief Economic Advisor to the Government of India from 2018 to 2021.
The Prime Minister briefed the IMF delegation about the steps taken by the Government to face the unprecedented economic challenges faced by the country and to enhance agricultural produce to meet local demand and also for export.
While elaborating the measures taken to reduce non-essential imports and increase export productions, he stressed the need for welfare for the poorest segments of the society. Dr. Subramanian said, as the Prime Minister pointed out, a safety net for economically vulnerable groups is an essential requirement when plans are formulated to restructure debts and revive the economy.
However, he emphasised the public sector should be ready to make sacrifices as they are at least assured of salaries, while many others have lost their avenues of income.
Secretary to the Prime Minister Anura Dissanayake, Central Bank Deputy Governor Dr. Chandranath Amarasekara, who is IMF Alternate Executive Director, Director Dr. P.K.G. Harischandra and Central Bank Economic Research Department Deputy Director Dr. V.D. Wickramarachchi also took part in the discussion.
