We are not dictated by IMF policy: Finance Minister

Dec 17, 2015 (LBO) – Sri Lanka’s Finance Minister told Parliament Wednesday that the country has a strong balance of payments environment and rejected reports of a gloomy outlook for 2016. “There is no issue with the balance of payments. Our problem is with the trade balance. Our exports have decreased and imports increased,” Finance Minister Ravi Karunanayake said. “But the imports are for capital nature.

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So it is not such a dangerous thing. The balance of payments is strong. As of this moment we are not dictated by IMF policy,” he said. The balance of payments is estimated to have recorded an overall deficit of 2,316 million US dollars during the first three quarters of 2015 in comparison to a surplus of 1,996 million US dollars recorded a year earlier.

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Finance Minister further stated that the currency devaluation process has nothing to do with the dictates of the IMF. “We have not taken a single step or anything in that nature.
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Only thing is that we have to be realistic to the external threats that are there.” Karunanayake said.

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Shee Lankan

8 years ago

Balance of payment deficit is heading for over USD 3 billion. So where will you get the money from ? US interest rates have been raised for the first time in 9 years and expected to go up further by 75basis points next year. Foreign funds may move out. We will have to raise rates to keep them.