IMF is mistaken, SL will record a higher economic growth – Finance Minister Ravi


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Finance Minister Ravi Karunanayake called for the Central Bank to make a big cut in interest rates and for the IMF to give a show of support as he questioned their recent growth forecasts for the country.

The Minister speaking to Reuters said that the IMF forecasts were wrong, referring to the IMF's recent growth forecast of 5 to 5.5 percent for this year whereas he said it will be in the range of 6.5 to 6.7 percent.

With the IMF expected to decide on a post-programme monitoring in mid-November, Finance Minister Ravi Karunanayake stated that Sri Lanka would like them to see what the Country has done and show that they are with us.

He expected currency reserves to rise to about 10 billion Dollars providing roughly six months of import cover, from just under 7 billion reported in July.

Speaking ahead of the country's Budget in about two weeks' time, he said the government intended to reduce corporate taxes.

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