Basil says advice sought from IMF to tackle economic troubles

Finance Minister Basil Rajapaksa speaks to the media at the press conference he held to announce the 100,009 development programmes project - Pic by Kithsiri De Mel 

• Says team of IMF officials will be in town later this week 

By Yohan Perera 

The government has in writing sought the advice from the International Monetary Fund (IMF) on how to tackle the prevailing economic crisis but accepting of such advice will be done only after a thorough study, Finance Minister Basil Rajapaksa said yesterday. 
Addressing a press conference last evening, Rajapaksa said a team of IMF officials is expected to visit Sri Lanka later this week. 
“We need to find out what is happening in institutions such as the IMF. Don’t you study what a bank is like before you seek a loan?” Rajapaksa quipped.
The Finance Ministry yesterday signed a US $ 500 million credit line agreement with the EXIM Bank of India, for the purchase of petroleum products from that country.
The agreement was signed by Treasury Secretary Sajith Attygalle from the Sri Lankan side and EXIM Bank Chief General Manager Gaurav Bhandari from the Indian side.
Meanwhile, Rajapaksa said Sri Lanka needs another billion dollars to import food, medicines and other essentials.
“We expect to secure this amount from India and China by next month,” he said.
Queried as to when it would be possible to stabilise Sri Lanka’s economy, he said the government hopes to bring the country’s external account into the positive territory by the end of the year.