Sri Lanka not going for IMF bailout: Cabraal

By Yohan Perera and Ajith Siriwardana

The government has no intention of going for an International Monetary Fund (IMF) bailout programme as there is no need for such a thing as the debt services have been effectively managed, Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament today.

State Minister Cabraal came out with this statement in response to a question raised by Leader of Opposition Sajith Premadasa as to whether the government intends to go for a bailout  program with the IMF in the wake of Sri Lanka’s sovereign credit downgrade by Moody’s.

“We have managed the finances effectively and there is no need  to go for a bailout programme with the IMF. We have also begun easing the importation curtailment. Also foreign remittances, which the country had received during the past few months, have been higher than expected. Besides, Sri Lanka has been able to earn considerable amount of funds through IT services during the past months. Therefore the situation is going to be brighter than expected,” the State Minister said.