IMF reposes confidence in Sri Lanka's economy
Sri Lanka has received another tranche of US$ 213 million from the
IMF. This shows that the international community has reposed confidence
in the Sri Lankan economy, Senior Presidential Advisor and Deputy
Finance Minister Dr.Sarath Amunugama told the Sunday Observer.
He said the IMF gave the disbursement only after making a
comprehensive evaluation of our economic policies. A report was
submitted by the IMF officials in charge of the Sri Lanka standby
arrangements before the tranche was approved by its governing body. The
approval was given only after it was tabled at the governing council.
"This time we have had a clean passage. It means that we have been
given a clean bill of health judged by the international standards of
economic management," Dr.Amunugama said.
The Minister said that we should not forget the fact that the IMF
conducted surveys in all countries and its global report covers their
economic development. At present Sri Lanka has become a model for sound
The global rating organisations:Standard and Poor, Fitch Ratings and
Moody's have upgraded Sri Lanka. They have given B plus rating and also
brought the definition up to stable. This is a very good signal to
businessmen, shipping, insurance and to those who are interested in
This is something being done quite independent of the IMF. All these
show that there is global recognition that the Sri Lankan economy is
well managed, Dr.Amunugama said.