IMF urges Sri Lanka to tighten monetary policy to overcome debt crisis

By MG News | April 26, 2022 at 01:22 PM GMT+05:00

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April 26, 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 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," said Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department, when addressing an online event.

Sri Lankan Finance Minister Ali Sabry and Governor of the 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.

APP

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