Cabraal says IMF advice is for technical assistance programme, nothing more

Central Bank Governor Ajith Nivard Cabraal was quick to set the record straight with regard to Sri Lanka’s intention to reach out to the International Monetary Fund (IMF) for assistance.

Referring to the comments made by the Finance Minister Basil Rajapaksa last evening where he shared that the government had sought advice from the IMF in tackling the current economic crisis, Cabraal said it is about a routine technical assistance programme and nothing more.

“Finance Minister's comment yesterday (2) regarding Sri Lanka informing the IMF to provide expert advice on the economic situation is about a routine Technical Assistance Program on Macro-Fiscal capacity building for MOF's new Macro-Fiscal Unit. Nothing else,” the Governor tweeted this morning, tagging the Finance Minister.

Governor Cabraal has always maintained, and continues to do so, that the ongoing economic crisis can be solved with following a home-grown fix as opposed to reaching out to international agencies for help.

While the Finance Ministry has hinted in the recent past that Sri Lanka might reach out to the IMF to ease the prevailing economic pressures, the Central Bank has been firm on its stance that such assistance is not required.