We should have approached IMF in 2020: Former Governor Coomaraswamy

by Amani Nilar 02-06-2022 | 9:22 PM

COLOMBO (News 1st); Sri Lanka should have approached the International Monetary Fund for assistance in December 2020, says the former CBSL Governor Dr. Indrajith Coomaraswamy.

He also said that Sri Lanka may receive bridge financing of about 6 billion US dollars from India, as India has agreed to provide 4.5 billion USD while another 1.5 billion USD is forthcoming.

The former CBSL Governor also speculated that the time to have approached IMF was probably December 2020, and to prepare the way for IMF program and at that time, if Sri Lanka went to the IMF at the time, debt restructuring would not have been a pre-condition.

"Interestingly there is some indication that the Japanese Government may also now be forthcoming in terms of providing debt financing," he added.