IMF is the only way: President tells Parliament

As there have not been any active alternatives from concerned groups, obtaining the International Monetary Fund’s support is the only option, President Ranil Wickremesinghe told Parliament a short while ago.

Ahead of the three-day Parliamentary debate on the resolution to implement arrangements under IMF’s Extended Fund Facility (EFF), President Wickremesinghe requested all members of Parliament to join with the government to prepare national policies for the betterment of the country and reach success by year 2048.

In his special statement, the President said Sri Lanka has made a comeback eight months after the unrest last July and urged the country to join in the efforts to resurrect the country. 

"I request all to approve this. We can introduce national policies for the next five years through the Constitutional Council and Parliamentary Committees. We can’t manage without debt restructuring,” he told Parliamentarians adding that the country will hold discussions with Paris Club creditors and India on one platform and discussions with China as well.

“As IMF teams will arrive in the country once in six months, trade unions and those who have concerns can meet with them to point out issues and concerns,” the President said.

"We have to look at the nature of the economy to make decisions, to impose limitations and to remove certain limitations. This is a highly competitive social market economy. We want a green economy and we have to get a digital economy. For this many changes including  agricultural modernization and introducing new industries is needed," he said. 

President Wickremesinghe said certain laws will be introduced to the public finance and revenue authority laws and the Treasury has been instructed to come with necessary drafts.