Mar 17, 2009

Srilanka not accept any conditions for IMF loans

Srilanka government is currently in talks with the IMF (International Monetary Fund) about an Emergency loan worth $1.9 billion. Government says that Srilanka is the latest nation seeking help from IMF in the Global Economic Recession.

Srilanka's leading government English news paper yesterday quoted that President Mahinda Rajapaksha denies any conditions offered by the IMF about Emergency Loan.

"We are absolutely clear. We will not pawn or sell our motherland to obtain any monetary aid from the IMF or any other international agency, Neither will we bow down to any conditions or transform our land to a colony"
Rajapaksha tells at a meeting of new government officials.

However Central Bank says it will end talks about IMF negotiations by the end of this March.

In the past IMF has required countries to take steps such as cutting public spending and raising interest rates in exchange for emergency funds. The IMF has closed its Sri Lankan office and IMF officials were not immediately reachable.


def said...

Big applause to Srilanka !

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