Govt rules out plan with IMF for debt restructuring
Posted on July 3rd, 2021

Courtesy The Daily Mirror

The government today ruled out any arrangement with the International Monetary Fund (IMF) for restructuring its debt servicing criterion, but asserted that there were alternatives for it.

Addressing a press conference at the Government Information Department, Money, Capital Markets and Public Enterprise Reforms Ajith Nivard Cabraal said the economy was not on the brink of a collapse despite contrasting remarks by the opposition legislators.

He said the present leaders of the opposition, who identify themselves as economic wizards, tried to prophesize the same predicament during the war time, but the then government managed to tide over all the difficulties.   

This is exactly what the opposition wishes for. Once the economy is bankrupt, they believe they can capitalize on it to get back to power. Despite economy wizardry claimed by the opposition, the growth rate slowed from 7.4 percent to 2.1 percent during their time between 2015 and 2019,” he said.

The Minister admitted that economy was facing headwinds in certain areas due to the pandemic –induced lockdown of the country. He said though the government would not achieve the expected growth rate of six percent this year, it would reach five percent.

 The Minister emphasized the need to normalize the tourism industry by opening up the country. (Kelum Bandara)

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