Ranil challenges Sajith, Anura to open discussion with IMF on economic plans

Sri Lankan President Ranil Wickremesinghe challenged Presidential candidates Sajith Premadasa and Anura Kumara Dissanayake to participate in an open discussion with the International Monetary Fund (IMF), which he believes will help the public understand the truth behind their promises.

“Both the National People’s Power (NPP) and the Samagi Jana Balawegaya (SJB) have stated they will amend the agreement signed with the IMF. Let’s have a live discussion with the IMF and see how they respond to these proposed amendments,” President Wickremesinghe said while addressing the United National Party (UNP) Special Convention at Sirikotha, Pitakotte, on Sunday (August 25).

The President emphasized that changing the IMF agreement is not possible and warned that attempting to do so could lead to another economic collapse. He criticized Premadasa and Dissanayake for making misleading promises about lowering prices and taxes, stating that such actions could worsen the situation.

President Wickremesinghe explained that reducing prices and taxes is only achievable by strengthening the rupee and adhering to the IMF agreement. He urged Premadasa and Dissanayake to present any alternative solutions during the IMF discussion.

Wickremesinghe reminded everyone that former President Gotabaya Rajapaksa’s decision to cut taxes against the IMF’s advice led to the IMF withdrawing its support, causing economic problems. He reiterated that the IMF does not change its terms, and similar mistakes caused a severe economic collapse in Greece, which Sri Lanka must avoid.

The President highlighted that the current agreement provides about USD 700 million from the IMF, the Asian Development Bank (ADB), and the World Bank every six months, helping the country until January. The IMF will return for further talks in October.

He warned that if the Samagi Jana Balawegaya (SJB) and Janatha Vimukthi Peramuna (JVP) push to revise the program, the IMF might withhold funding next year, leading to economic challenges. Restarting talks with the IMF would take two to three months, plus six more weeks for approval, making it unrealistic to go without financial support for six months.