3 July 2021 12:00 am Views - 83
The government yesterday ruled out any arrangement with the International Monetary Fund (IMF) for restructuring its debt servicing criterion, but asserted that there were alternatives for it.
Addressing a press conference at the Government Information Department, Money, Capital Markets and Public Enterprise Reforms Ajith Nivard Cabraal said the economy was not on the brink of a collapse despite contrasting remarks by the opposition legislators.
He said the present leaders of the opposition, who identify themselves as economic wizards, tried to prophesise the same predicament during the war time, but the then government managed to tide over all the difficulties.
“This is exactly what the opposition wishes for. Once the economy is bankrupt, they believe they can capitalise on it to get back to power. Despite economy wizardry claimed by the opposition, the growth rate slowed from 7.4 percent to 2.1 percent during their time between 2015 and 2019,” he said.
The Minister admitted that the economy was facing headwinds in certain areas due to the pandemic-induced lockdown of the country. He said though the government would not achieve the expected growth rate of six percent this year, it would reach five percent.
The Minister emphasised the need to normalise the tourism industry by opening up the country.