Courtesy The Island

Treasury Secretary Mahinda Siriwardena before the House Committee probing bankruptcy (pic courtesy Parliament)

Secretary to the Treasury Mahinda Siriwardena recently told the Parliamentary Select Committee (PSC), tasked with investigating causes for the financial bankruptcy declared by the government and to report to Parliament and submit its proposals and recommendations in this regard, emphasised that this should be the last occasion Sri Lanka would seek the IMF intervention.

A statement issued by Parliament quoted Siriwardena as having said that necessary reforms should be carried out to ensure the country wouldn’t need IMF assistance again.

Sri Lanka has sought IMF intrevention on 16 times over the years. The current bailout package, implemented over a period of 48 months, is worth USD 2.9 bn.

Responding to issues raised by the PSC, chaired by SLPP General Secretary Sagara Kariyawasam, Siriwardena said that the government had announced the suspension of debt repayment after having carefully considered the situation.