National Council Sub Committee on Economic Stability SL too late in seeking IMF assistance

• IMF assistance will come only during the second quarter of 2023 if Sri Lanka manages to get it
• 12 percent of Samurdhi beneficiaries are among the richest 20 percent in the population

By Yohan Perera and Ajith Siriwardana  

The National Council Sub Committee on Economic Stability has determined that Sri Lanka has been too late to seek IMF assistance.  

Chairman National Council Sub Committee on Economic Stability MP Patali Champika Ranawaka who presented the initial report of the subcommittee to media said the inquiries made by the committee has revealed that Sri Lanka has been too late to seek IMF assistance.  

“ Sri Lanka has made the mistake of seeking IMF assistance when its foreign reserves became zero level. IMF assistance will come only during the second quarter of 2023 if Sri Lanka manages to get it,” the MP said.  It was also revealed that Sri Lanka’s debt has reached 120 percent of the GDP.  

“The World Bank and Asian Development Bank has informed that they will assist Sri Lanka only if the nation performs well in the future,” he said.  

Coming up with another staggering disclosure , he said 12 percent of Samurdhi beneficiaries are among the richest 20 percent in the population. “We have therefore recommended setting up of a social security database,” he said.  

“ The subcommittee on economic stability had recommended allowing those who can generate power by themselves to produce their own power. Therefore we have recommended removal of top 20 consumers of electricity from the Ceylon Electricity Board (CEB) supply network. Also we have recommended setting up a common platform for transportation. 
The bus services operating on expressways should be linked with other service providers like Uber and Pick Me so that a person can book a bus plying on the expressway and an Uber or Pick Me taxi together through his mobile. Therefore he can book a taxi and get into it after exiting the expressway,” the MP said.