IMF insists on prior actions to be completed for programme approval however tough they are

By Kelum Bandara   

The International Monetary Fund ( IMF) which appreciated fiscal sector reforms done by the government emphasized the need to complete all prior actions -however tough they would be for people to qualify for financial assistance, a Minister said yesterday.  
State Minister of Finance Shehan Semasinghe said he met with Dr. Krishnamurthy Subramanian, the recently appointed Executive Director of IMF for India, Sri Lanka, Bangladesh and Bhutan on his first visit to Sri Lanka , and discussed reforms and the progress of securing the programme approval.  
The Minister told Daily Mirror such reforms would be important to be carried out for long term growth and stability as outlined by the IMF official .  
“I briefed him about steps being taken to bring fresh legislations to provide for further reforms in the fiscal sector. Also I informed him of steps being taken to reform the state owned enterprises,” he said.  
The Minister added that the government would only be a regulatory body in the economy.“The government will not do business. It will only be a regulatory authority,” he said.
According to the Minister , the IMF Executive Director for the region was informed about specific assurance given by India.The IMF is in touch with China regarding debt structuring .