IMF to assist in revising monetary laws: Harsha

Monday, 15 January 2018 00:13 - - {{hitsCtrl.values.hits}}

Outcome follows PM and officials meeting IMF Resident Rep. on Saturday
Harsha says AG Dept. needs to get ball rolling on action on bond report

By Skandha Gunasekara

The International Monetary Fund has agreed to assist the Sri Lankan Government in amending and formulating monetary law for the country, Deputy Minister of Policy Planning and Economic Development, Dr. Harsha De Silva, revealed yesterday.

Addressing a press briefing in Nugegoda yesterday, the Deputy Minister said that an official team headed by Prime Minister Ranil Wickremesinghe had met with an IMF representative on 13 January.

“We had discussions yesterday with the Resident Representative of the IMF and requested that they help us make the necessary legal changes as soon as possible. What they told us was that they had already begun working on the same issue,”

He then pointed out that President Maithripala Sirisena, in his recent address to the country on the bond report, had noted the need to take legal action against those named in the report as well as to amend the existing monetary laws.

“We hope the AG’s office will act urgently on this and get the ball rolling. Whoever has broken the law will have to be dealt with. In addition, the Parliament must ensure that monetary laws are amended,” he said.

The Deputy Minister said that with regard to the Central Bank, revisions must be made to the mandate and scope of the Central Bank, its governance, autonomy and accountability.