SL to contribute US $ 5 m to IMF body in New Delhi

Published : 8:29 am  October 28, 2016 | No comments so far |  |  (301) reads | 

s6BY KELUM BANDARA Sri Lanka is to become a member of a body of the International Monetary Fund (IMF) to be set up in New Delhi under a Memorandum of Understanding(MoU) with India, by contributing US $ 5 million within a period of five years, it is learnt.

The IMF signed the MoU with India in March this year to establish the IMF South Asia Regional Training and Technical Assistance Centre (SARTTAC) in New Delhi. The proposed body is to plan, coordinate and implement the IMF capacity development activities in a wide range of areas, including and fiscal management, monetary operations, financial sector regulations and supervision. The centre will offer courses and seminars for policy makers and other government agencies. It is to support Sri Lanka in this respect. According to a Cabinet paper submitted by Finance Minister Ravi Karunanayake, Sri Lanka is seeking to become a member of the Steering Committee. The paper says the IMF requested the government to contribute US $ 1 million annually for five years to the centre as a sign of ownership