Sri Lanka to consider IMF option next year: PM

Dec 02, 2015 (LBO) – Sri Lanka will consider a stand-by facility from the IMF next year, Prime Minister Ranil Wickremesinghe told parliament.

“Next year will present a difficult economic environment. Sri Lanka could face an impact of the ISIS in the Middle East, in case the region is destabilized,” Wickremesinghe said

“I think it is prudent in the circumstances of the international developments that we start discussing a stand by arrangement with the IMF,” Wickremesinghe said.

“Generally I would not have done it, but I told the Finance Minister it is better to take this prudent steps,” he said.

Economists are yet to quantify the impact of the war in the Middle East on the global economy.

Brazil announced on Tuesday that gross domestic product fell by a record 4.5 per cent year-on-year in the third quarter, and will join Russia having its first recession since 2009.