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Sunday, 3 October 2010

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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 economic management.

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 investing here.

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.

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