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IMF urges Sri Lanka to tighten monetary policy
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IANS | 26 Apr, 2022
An official from the International Monetary Fund (IMF) on Tuesday urged
Sri Lanka to tighten its monetary policy, raise taxes and adopt flexible
exchange rates to overcome its ongoing debt crisis.
"We've
had very good, fruitful, technical discussions on preparations for the
negotiations with authorities over the past weekend and a couple of days
before," Xinhua news agency quoted Anne-Marie Gulde-Wolf, acting
director of the IMF's Asia and Pacific Department, as saying at an
online event.
Finance Minister Ali Sabry and Governor of the Sri
Lankan Central Bank Nandalal Weerasinghe recently concluded a visit to
the IMF to discuss financing help for the country.
Earlier Sri Lanka suspended external debt payments.
"The
requirement for fund lending will be progress toward debt
sustainability. Monetary policy has to be tightened to keep inflation in
check. We see a need for flexible exchange rates," she said.
Gulde-Wolf
did not comment on the value of any IMF package, or an estimated time
needed to come into an agreement with Sri Lanka.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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