“IMF response surprising”

The IMF’s response to the news that Sri Lanka has been able to secure a swap  facility of 10 billion Yuan (USD 1.5 billion) from the People’s Bank of China is quite surprising, a statement by State Minister Ajith Nivard Cabraal noted.

“The request for Covid assistance was made by the Government from the IMF early last year at the time the Covid pandemic started. But the IMF was dragging its feet in providing that facility. 

“Nevertheless, the Government managed to effectively provide relief and support to the people and maintain a framework of sound macro fundamentals even without such financial support from the IMF,” the statement further added.