NPP sees good side of IMF deal

By Rathindra Kuruwita

National People’s Power (NPP) will not cause sudden disruptions to the fragile Sri Lankan economy by unilaterally withdrawing from the agreement with the International Monetary Fund (IMF), NPP presidential candidate Anura Kumara Dissanayake stated on Tuesday during a meeting with the business community in Colombo.

“We assure that under our governance, we will do nothing to destabilise the economy. Our aim is to stabilise the economy, strengthen it, and move it forward. We are a political party that holds itself accountable to the people,” Dissanayake said.

Dissanayake acknowledged that the NPP was aware that debt restructuring negotiations with both bilateral and commercial creditors were now closely linked to the agreements with the IMF.

“Sri Lanka’s entire debt restructuring process is intertwined with the IMF agreement. Anyone suggesting that withdrawing from this agreement unilaterally is an option is not acting in the best interests of the people. The NPP guarantees that we will not take such a step,” he asserted.

The NPP leader noted that Sri Lanka must meet several IMF-imposed targets. For instance, the country is required to maintain a primary surplus of 2.3 percent of GDP from 2025, and reduce the public debt-to-GDP ratio to below 95 percent by 2032.

“These targets in themselves are not harmful to the country. The real issue lies in how we achieve these objectives. There is no single path to meeting these goals, and we will engage in discussions and carry out our plans within these given parameters,” Dissanayake said.

He went on to criticise President Ranil Wickremesinghe and his allies for attempting to instill fear in the public by suggesting that the NPP would pull out of the IMF agreement. “Stop trying to scare the people,” he said.