Thursday, July 23, 2009

Prudent management pays dividends

Debunking all doomsday predictions by the many cassandras, the IMF has awarded the much awaited stand by facility to Sri Lanka even surpassing the originally US Dollars 1.9 billion applied for. The first tranche of $ 313 million of the $ 2.5 billion pledged will be available immediately according to Finance and State Revenue Minister Ranjith Siyambalapitiya who made the announcement in Parliament.

This certainly is a remarkable achievement by the Government of President Mahinda Rajapaksa given the bleak picture painted in many quarters against the chances of Sri Lanka succeeding. Particularly, so after the remarks of the US Secretary of State Hillary Clinton that the time was not yet appropriate for Sri Lanka to qualify for the loan, with the US being in the top among the movers and shakers in the matter. There were many local interests with pro-West leanings who nodded wisely and gave Sri Lanka no chance.
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