“The government’s budget has followed the exact path suggested by the IMF, so it’s supposedly good for the country – Central Bank Governor Nandalal assures.”
Posted on February 18th, 2025
Courtesy Lanka Leader
The Governor of the Central Bank, Nandalal Weerasinghe, stated that it is the government’s responsibility to act in accordance with the parameters of the IMF’s overall macroeconomic stabilization program and that, in line with this, the current budget is a good one for the country.
Expressing his views on the budget in Colombo, he said:
**”Looking at the targets, this time we can place greater confidence in them. Although the expected revenue target is 5 trillion rupees and the primary surplus is anticipated to be 2.3%, based on my expectations, the performance may even surpass these figures.
Furthermore, implementing safeguards to absorb the short-term pressures on government securities is crucial. This would allow us to maintain stable interest rates in line with our monetary policy.
If we talk about an ‘IMF budget’ as some suggest, as someone who has been involved in discussions with the IMF for many years, I can say that the commitments made to external stakeholders for achieving overall economic stability as a country have remained unchanged. Even if there is a change in administration, it is reassuring that the direction of macroeconomic policies has not shifted.
In my view, this is something that must necessarily happen. Acting in accordance with the IMF’s overall macroeconomic stabilization framework is not only the government’s responsibility but also a positive sign. As I see it, this is not an ‘IMF budget’ but a budget that is good for the country.