Former International Monetary Fund (IMF) Resident Country Representative for Sri Lanka, Dr. Nadeem Ul Haque says that the Sri Lankan government needs to take steps to ensure efficiency when it plots the way forward for the country and cut down on the number of subsidies given to the public as well.
He made these remarks while speaking during a panel discussion ‘At HydePark on Ada Derena 24’.
Joining the panel discussion, Economist Dr. Tissa Jayaweera added that even though economic experts like to call for ‘debt forgiveness’ it is not something that will be done by countries giving out money generated by their people to countries that have misappropriated such funds.
In response to a question raised, during the discussion whether Sri Lanka is on track to get the IMF assistance, the former IMF resident coordinator to the island emphasized that the addiction of obtaining debts must stop and that Sri Lanka needs serious policy planning.
“IMF programme will not lift you from your issues”, he said.
Speaking further, Dr. Nadeem Ul Haque questioned as to why would the world forgive a country for wasting money, highlighting that this requires a large global consensus.
“If debt forgiveness is given, question is how you will prevent it. We have a debt issue because we wasted the money,” he added.
“World doesn’t give subsidies to the extent Sri Lanka does,” Dr. Ul Haque claimed.