News
Ex-CB Governor Coomaraswamy says people will have to swallow bitter medicine; no point in blaming IMF
The IMF would recommend policies that would be unpleasant to the people, former Central Bank Governor, Dr. Indrajit Coomaraswamy, told an event held in Colombo on Tuesday (29).
The former Governor added that Sri Lankans needed to reduce investment and consumption.
“Going to the IMF is like going to a doctor. You go there when you become sick. So you can’t then blame the doctor for giving medicines that’s bitter. So when you go to the IMF, the IMF does meet out remedies which are not pleasant, because it is usually when you are living beyond your needs, that you need to essentially compress investment and consumption to bring your economy into better balance,” he said.
Dr. Coomaraswamy said East and South-East Asian countries have grown rich because of the surpluses in their balance of payments.
“It is due to their export performances, but in Sri Lanka growth is correlated to the size of the budget deficit,” he said.
The former Central Bank Governor added that Sri Lanka is talking to the World Bank and the Asian Development Bank (ADB) to secure 1.9 billion US Dollars. This will come after a programme with the IMF is finalized, he said.
He said the IMF will give 2.9 billion US Dollars in tranches to the Central Bank after debt sustainability is achieved. Multilateral lenders would then be able to resume lending to the government, he said.
“Multilateral lenders and Japan will give loans for projects which will boost economic activities. Banks would also find it easier to resume or extend their credit lines with an IMF programme in place.
Emeritus Professor of Anthropology Gananath Obeyesekere has passed away at the age of 95.
Latest News
Acceptance of nominations for Punakiri, Mannar and Dehiattakandiya local authorities ends at 12 noon on Thursday (27th March 2025)
The Commissioner General of Elections Saman Sri Rathnayake issuing a media release states that the acceptance of nominations for the Punakiri Pradeshiya Sabha in the Kilinochchi district, Mannar Pradeshiya Sabha in the Mannar district and Dehiattakandiya Pradeshiya Sabha in the Ampara district which commenced on 24th March will end at 12noon on 27th March 2025.
The poll notice for the three above named local authorities was published on 10th March 2025 and the acceptance of deposits for the same will end at 12noon on 26th March 2025.
The annual festival of St. Anthony’s Church on the Palaitivu Island, Jaffna was successfully held on 21 and 22 Mar 25.
Demonstrating its commitment to community and social responsibility, the Sri Lanka Navy enabled facilities for the conduct of the event and
convenience of devotees.
In accordance with the directives of the Commander of the Navy and under the supervision of the Commander Northern Naval Area, the Navy provided sea transportation for the event. Additionally, they ensured the safety and convenience of devotees by providing sanitary and medical facilities, drinking water, essential infrastructure, and deploying lifesaving teams.
The main mass of the church festival was conducted by the Vicar General of the Jaffna Diocese Very Rev. Fr. P Josephdas Jebarathnam.
This year’s event saw the participation of a gathering of priests and nuns from various regions, alongside a significant number of devotees.
The festival also highlighted the Navy’s ongoing dedication to fostering social welfare and promoting religious and cultural harmony.
(Navy Media)
Prof. Gananath Obeyesekere passes away aged 95
Acceptance of nominations for Punakiri, Mannar and Dehiattakandiya local authorities ends at 12 noon on Thursday (27th March 2025)
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