Colombo (LNW): Sri Lanka will not be needing the assistance of the International Monetary Fund (IMF) after 2027, in the backdrop where the economy of the country indicates growth, setting an example to the international community as a country that has emerged from a meltdown, said Finance State Minister Shehan Semasinghe.
The Minister made these remarks addressing a programme held at the Presidential Secretariat to inform trade union representatives about the government’s programme for local debt optimisation.
He added that Sri Lanka’s foreign reserves have now increased to US $3.5 billion, and the inflation will come down to the level of 7 per cent to 8 per cent by next month.
However, statistics indicate that “hot money” investors in government treasury bills and bonds continue with their fore-warned exodus after gaining enormous profits at the government’s expense, incurring a drop of about US $40 million in Sri Lankan forex investment in treasury bills and bonds, from approximately US $604 million to US $564 million last week.
Meanwhile, the Sri Lankan Rupee in 24 days (from June 23 to July 17) has been depreciated by 4.1 per cent against the US Dollar, indicating a drop of Rs. 12.79, thereby surging the selling price of the US Dollar up to Rs. 327.16.
The State Minister’s comments about positive economic growth come in on the sidelines of the government of Sri Lanka seeking Parliament approval to increase the borrowing limit by a further Rs. 9,000 billion.