Cabinet nod to table IMF report in Parliament

The Cabinet nod has been granted to table the International Monetary Fund (IMF) staff report on Sri Lanka, published under Article IV of the IMF Agreement in Parliament.

Finance Minister Basil Rajapaksa on Monday sought the approval of the Cabinet of Ministers to table the report in Parliament. The IMF published the staff report on Sri Lanka last Saturday.

United National Party (UNP) Leader and former Prime Minister Ranil Wickremesinghe last week urged the government to hold an immediate debate in Parliament on the IMF report, as the government is seeking the support of the IMF to come out of the on-going financial crisis in the country.

According to Chief Government Whip and Highways Minister Johnston Fernando, the debate is likely to take place within the first week of next week.  The IMF in the report signalled the need for a debt restructuring programme, accompanied by revenue-based fiscal consolidation and broad macroeconomic policy adjustments, in order to restore fiscal and debt sustainability and regain macroeconomic stability. Minister Rajapaksa is scheduled to visit Washington, D.C. in April to initiate talks with the IMF for a rescue programme.