IMF takes to YouTube to explain Sri Lankan deal amid opposing views

Sri Lanka
By Editor_1
By Shihar Aneez

COLOMBO – The International Monetary Fund (IMF) took Sri Lanka’s $3 billion loan deal to YouTube to explain the objectives of the program amid rising opposition against higher taxes and ;privatizing; state assets.

The latest IMF deal, the 17th in the history, is expected to unlock sovereign debt defaulted Sri Lanka’s growth potential. It has already led to positive sentiment among both local and international markets since it was approved on March 20.

However, higher taxes imposed by President Ranil Wickremesinghe administration and selling profitable state assets to the private sector have raised concerns as the opposition parties have said the government has been trying to satisfy the global lender without considering the ground reality.

Since the emergence of the economic crisis, the island nation’s inflation has hit record highs as have poverty levels amid 500,000 job losses.

Peter Breuer, the Senior Mission Chief for Sri Lanka at the IMF in a YouTube Video said after years of increasing economic problems and policy mistakes, Sri Lanka has committed to reform and rebuild.

“The IMF is here to help. The Fund has approved about $3 billion over the next four years to support Sri Lanka in this time of need,” Breuer said,

The video has used Sri Lankan visuals and narratives reminding of the grim situation the island nation faced including power cuts, shortages of food and medicine and long lines for fuel.

Breuer blamed significant tax cuts under former president Gotabaya Rajapaksa and delays in anticipated reforms as contributing to the economic crisis.

“There are no easy solutions, but that’s where everyone must come together to tackle this enormous problem,” the top IMF officials said.

The IMF loan comes months after the island nation saw a political crisis that ousted the former government led by Gotabaya Rajapaksa and his family members at the helm.

Rajapaksa’s nationalist Sri Lanka Podujana Peramuna (SLPP) secured a landslide in both 2019 presidential and 2020 parliamentary elections.

The SLPP had publicly said it will not go with IMF policies and after the election in 2019, the Gotabaya Rajapaksa administration suspended a $1.5 billion IMF loan signed by the previous government in 2016.

President Wickremesinghe was elected in an unprecedented manner through Parliament votes and his opponents have raised questions over his legality to enter into an IMF deal.

The IMF YouTube video explaining the deal also comes at a time millions of Sri Lankans are increasingly demanding to end corruption in the governance system. Though Rajapaksas have repeatedly rejected claims, his rivals have accused the family of plundering public money and stashing the wealth in foreign countries.

The global lender in its latest deal with Sri Lanka has strongly emphasized on anti-corruption laws and governance issues.

“It’s critical to ensure the hard won gains from the reforms benefit the people and the crisis will not repeat itself. The authorities have committed to improve public financial management and strengthen the anti-corruption legal framework,” Breuer said.

“In addition, the IMF will assess governance and corruption vulnerabilities and provide recommendations. We at the IMF look forward to working closely with the people of Sri Lanka for a brighter future for all.”

The IMF also said the deal will look into the difficulties faced by the poor.

“Sri Lankans must make efforts to continue on their way out of the crisis while supporting the less fortunate. The global community must support Sri Lanka in this effort so that they can once again be on a path of strong and inclusive growth,” Breuer said, adding that Sri Lankan authorities have put together “an ambitious economic recovery program”.

“The program aims to raise spending for the poor and vulnerable, strengthen social safety nets and to introduce progressive tax reforms to ensure greater contributions come from high income earners.”

-economynext.com

 

Editor_1
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