Sri Lanka’s economic future hung in the balance as the International Monetary Fund (IMF) reported on its Article IV consultation. A senior IMF official met with Sri Lanka’s finance minister, Basil Rajapaksa*, on March 14 to discuss the fund’s assessment of the country’s economy. In mid-April, the minister plans to travel to Washington DC to present Sri Lanka’s proposal to senior IMF officials, according to a senior aide to the minister.
The government has prepared a detailed plan for the country to emerge from the current economic crisis, which will entail implementing budget proposals under the current national policy framework, ‘Vistas of Prosperity and Splendour’. It has already implemented interest rate increases and floated the local currency ahead of presenting the plan to the international donor agency.