President to appoint committee to oversee utilization of IMF package

COLOMBO (News 1st) - President Ranil Wickremesinghe is taking steps to appoint a committee to oversee how the International Monetary Fund bailout package funds are being utilized.

"The committee will be appointed under the chairmanship of Presidential Advisor Sagala Ratnayake, Secretary of the Finance Ministry Mahinda Siriwardena and Governor of the Central Bank Dr. Nandalal Weerasinghe," a senior official attached to the Ministry of Finance said.

"Cabinet approval for the committee was granted," the Ministry of Finance said.

The committee will ensure that monthly reports on how the IMF bailout package is being utilized will be prepared and submitted to the cabinet.

Sri Lanka has received financial assistance from the IMF 16 times.