In addition to USD 780 mn SDR facility
By Shamindra Ferdinando
The cash-strapped government has sought the IMF intervention to address the financial crisis caused by the country’s vital foreign exchange sources dwindling by a big margin in the wake of the raging Covid-19 pandemic.
When The Island asked an authoritative source whether he had facilitated government efforts to secure IMF intervention to address the rapidly deteriorating economic situation, he said that he hoped the Finance Minister would consider all options.
Responding to another query, the official said; “Our country needs a lot of support and good fortune at this juncture.”
The Island raised the issue at hand in the wake of the government making written submissions in this regard.
State Minister Ajith Nivard Cabraal recently announced that Sri Lanka would receive approximately USD 780 mn through IMF’s SDR (Special Drawing Rights) facility. The total allocation made by the IMF for members’ states was about USD 650 bn, the minister told The Island.
Well informed sources told The Island that the SLPP government was seeking IMF assistance besides the SDR facility as the country lacked the wherewithal to counter the unprecedented crisis.
Sources said that representations had been made to the relevant parties in Washington. The move had been facilitated a Washington-based influential person.
Top Samagi Jana Balavegaya (SJB) spokesperson Dr. Harsha de Silva has repeatedly urged the government to seek immediate IMF assistance.
As a result of Covid-19, the country has been deprived of much revenue from tourism, garment exports and remittances from expatriate workers.
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