Stability ‘Must’ for IMF Programme – CBEOU

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Central Bank Executive Officers’ Union (CBEOU) in a statement on Sunday (10 July) expressed its support to the people’s movement of 9 July 2022 against the futile regime which should be directly responsible for destroying the Sri Lankan economy.

“And as promised, we emphasise that the failed President and Prime Minister must bow down to the people’s verdict and vacate their offices,” it said.

 Central Bank of Sri Lanka (CBSL) cannot find sustainable solutions to the existing economic crisis through monetary policy in isolation and for that the Government must make necessary structural changes in the fiscal policy, especially when the economy is on the verge of a severe collapse, the statement said.

Several rounds of technical discussions have been held with the International Monetary Fund (IMF) thus far and a staff-level agreement is close to being reached. Also, necessary activities are underway for debt restructuring, a prerequisite for an Extended Fund Facility (EFF) that to be obtained from the IMF. IMF has already emphasised that in order to continue the programme, political stability must be established in the country very soon.

“Therefore, we request all political parties representing the Parliament to act promptly within the existing constitutional provisions and ensure that there is no anarchy in the country,” CBEOU said. CBEOU further said that they will closely monitor the developments and respond accordingly.