VIDEO: Ranil to re-negotiate with IMF to strike new deal
March 17, 2010 02:04 pm
UNP Leader Ranil Wickremesinghe today said that if elected he would would re-negotiate the International Monetary Fund (IMF) agreement and strike a new deal. He added that a standby agreement is not of any importance to the country unlike a loan for poverty reduction and development.
Wickremasinghe added that a UNP government would reduce the country’s dependence on foreign commercial loans. Our debt repayment both foreign and local far exceeds out revenue. While the revenue stands at Rs. 705 billion our country’s debt repayment and interest is Rs. 825 billion.
Any foreign loan that is not legal will not be repayed, Wickremasinghe added. He said that if a loan is legal even if the money was misused they will be repaid however stressed that illegal loans will not be repaid.
In a strong comment Wickremesinghe added that the Banking
industry in
