To go or not to go: Basil speaks on IMF

COLOMBO (News 1st); Former Finance Minister Basil Rajapaksa stated that he was the first to reach out towards the International Monetary Fund (IMF) for assistance.

During a press conference held today (9), the former Minister of Finance said that the IMF should have assisted Sri Lanka sooner, refuting a question whether or Sri Lanka should have approached IMF before.

However, the President has previously stated that the IMF should have been approached earlier, and said in an address to the public that he considered it as a mistake.

Former Finance Minister Basil Rajapaksa, said that what the President meant was that the IMF should have assisted Sri Lanka earlier, rather than the country approaching the international organization earlier.

He also said that it is a process which takes time, and mentioned that although it was discussed amongst Cabinet Ministers several times, both decisions to approach or not to approach did not give any clear results.

Rajapaksa added that it is possible that Sri Lanka may face conditions in the future with regard to the program.

However, in January , the Minister remained in the stance that the country will be developed without seeking the assistance of the IMF, as the IMF is not going to strengthen the country economically.

He later changed his stance in February , saying that Sri Lanka was preparing to approach the International Monetary Fund (IMF) for its expertise amidst the prevailing economic crisis.