Posted on May 19th, 2023


People of Sri Lanka could express views on the credit programs provided to the country if anyone investigates the condition of credit facilities, it is possible to understand the condition of credit facilities.  Although the International Monetary Fund provides credit facilities to member countries, it is not a social service organisation, as many Sri Lankan believe. The IMF has policies and provides credits to its member countries for the balance of payment settlement.

I think policymakers in Sri Lanka could adjust policy work without blaming to the IMF, which has good motives helping member countries to get out of significant economic problems and in the past China and India gained large facilities from the IMF and adjusted the economic problems. My feeling is many guys talk and claim the IMF has no clear understanding of the way operating the international financial system. 

If there are no IMF conditions, the country might go out of the way and the proposed condition would support the country turning to the right pathway. The requirement is to go along with the IMF conditions rather than blaming the IMF programs and looking at their way programs are implementing and if there are any corrupt practices like in the past, reporting them to scrutinize programs.

Nobody gives credit facilities without condition, and local commercial banks insist many covenants and supervise the programs. The government of Sri Lanka needs educating its people about the IMF and its programs, if it happens, people would not blame to the IMF. I understood about the IMF when I was studying International Monetary Economics at the university and I gained a broader knowledge about the IMF role.

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