Sri Lanka to obtain services of international law firm to handle dealings with IMF

Sri Lanka would seek the services of an international law firm, on a long term basis, to assist it in its dealings with the International Monetary Fund (IMF), Cabinet spokesman, Minister Ramesh Pathirana said on Tuesday (March 22) at the post-Cabinet press conference.

The Minister said that discussions with the IMF on debt structuring would commence soon.

He said that the government had taken a policy decision to work with the IMF to find a solution to the current economic crisis.

To assist Sri Lanka in dealing with the IMF, the government had appointed two committees and those committees had recommended the government hire a company, Minister Pathirana said.

The hiring of the company would be done through a transparent process, he said.

The company would be hired on a long-term basis and Foreign Minister Professor G.L Peiris, Minister of Justice Mohommad Ali Sabry. Governor of the Central Bank, Ajith Nivard Cabraal and Secretary to the Treasury, S.R. Attygalle, had been entrusted with selecting the international law firm, the Minister said, adding that the Rupee had depreciated greatly after the government relaxed controls over exchange rates. It had led to increases in commodity prices, he conceded. However, that measure had been adopted to ensure the long-term financial stability of the country, he said.

(Source: The Island – By Rathindra Kuruwita)