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IMF urges Sri Lanka to look to India, China

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Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Some of us were worried that IMf might be having agendas to suit the powerful western countries. But the below article seems to suggest that they are more concern about their actualy role and recovery of their funds than playing stooge to someone. Comment welcome

Slstock

Sri Lanka’s exports accounted for 17.8 per cent of GDP last year, slumping from 33 per cent in 2001, though export revenue rose by 69 per cent to $8.1 bn in absolute terms.

ToI quoted Koshy Mathai, the IMF resident representative for Sri Lanka and the Maldives as having said the exchange rate, high electricity prices and rigid labour laws could all account for the slowdown in export growth.

"We are not going to have economic success if we continue having exports declining relative to the size of economy. It is only with export growth, that the Sri Lankan economy is going to go forward," Mathai was quoted as having told an exporter forum in Colombo late on Tuesday.

The United States and Europe still account for 60 per cent of Sri Lanka’s exports and economic slowdowns in those regions have resulted in a 5.4 per cent fall in its exports during the first five months of the year compared to the same period last year.

Sri Lanka’s May exports fell 15.1 per cent year-on-year. India accounted for just 4.9 per cent of Sri Lanka’s total exports in 2011, led by machinery and equipment, animal fodder, spices and garments, while China accounted for only around 1 per cent.

"Failing to take advantage of the opportunities provided by the economic growth in those areas (in China and India) today would be a shame and would definitely be giving up an opportunity for Sri Lanka to go forward," Mathai said.

The International Monetary Fund, which has just fully disbursed a $2.6 bn loan to Sri Lanka, said last month that it had begun talking with authorities in Colombo about arranging a new credit called an extended fund facility.


http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58204



Last edited by GMNet on Fri Aug 03, 2012 8:21 am; edited 1 time in total (Reason for editing : Excess space removed)

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

2 billion plus population in these countries and more than 2/6 of world market. but our production cost is higher to compete

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Well....Koshy Mathai has said something useful in exporter forum in colombo but I do not think it excludes the hidden agendas of IMF.

If you remember "THE UDARATA GIVISUMA" which was signed when british government was given full ruling power of our country, sinhala version of that agreement was somewhat different from actual agreement which was in english.And also when Portuguese first asked for a land in Colombo they just asked for land of size of "GERI SAMAKA."

We can not say that these were past incidence and now they have changed....Yes they have changed but it is not the policy but the methodology....(like protection of human rights,looking for mass destructive weopons,protection of freedom of religion.)

So we should be capable enough to identify the actual wolf under the sheep skin.

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