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IMF approves US$415 million to SL while its senior economist excoriates it for incompetence & deceptiveness

 

The International Monetary Fund yesterday (20th) approved the final disbursement of US$415 million to Sri Lanka stating that Sri Lanka’s economy has been set on a more sustainable footing by government’s tough new monetary and fiscal policies.

The global lender approved the last tranche of a $2.6 billion loan to Sri Lanka during a board meeting in Washington and said a follow-up loan program would help support the government's policy plans.

Meanwhile, in his letter of resignation senior IMF economist Peter Doyle says he is "ashamed of his 20 years with the IMF", accuses the organization of incompetence, and questions the fitness of its current Management.

The suggestion that the IMF may not have quite lived up to its reputation for global financial propriety, or even upheld its role in helping prevent crisis points, is lent fresh weight by the letter of resignation of departing economist, Peter Doyle.

Doyle says, "After 20 years of service, I am ashamed to have had any association with the fund at all" stating it was not just a matter of the fund's incompetence amid the global crisis and in surveillance ahead of the eurozone crisis, but because the institution deliberately shirked its responsibilities.

Under a tacit agreement between the United States and Europe, a European heads the IMF and an American holds the presidency of the World Bank, its sister institution.

 

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