BY DWAIPAYAN REGMI, TON, NEPAL

Several important roles are being played by International Monetary Fund (IMF). It has been stated time and again that IMF has been playing a kind of important role in the stability of exchange rates, promotion of international trade, checking multiple exchange rates, and broadening of credit structure to multilateral payment systems. Apart, IMF has been believed to be the agent that has been working to provide consultation along with guidance there itself too, with the level of consciousness raising among member countries.

Only if International Monetary Fund manages to achieve its goals like reduction of global poverty, promotion of financial stability, and economic growth - it will benefit one large bunch of developing economies helping them to uplift their standard in any possible way ever. In being able to oversee economic development, there will be certain lending along with capacity development tasks made possible for any activities at any time.

Sri Lanka has been a member of the IMF since August 29, 1950, For all the economic disturbances that occurred, what would matter there is not about membership, but how IMF played a role. Recently, the International Monetary Fund has granted assurance to debt driving Sri Lanka to present its efforts for mitigating the current economic crisis which is termed for initial discussion through a delegation led by the country's Finance Minister calling it all 'fruitful' measures. It is grappling with unprecedented economic turmoil for independence through Britain as well.

It has been estimated that Sri Lanka requires at least USD 4 billion to tide over such mounting economic woes where Sabry has been holding some crucial set of talks with the World Bank and countries like China and Japan for some portion of financial assistance too.

During IMF and World Bank Spring Meetings in Washington D.C, the Sri Lankan delegation along with the IMF team did have a fruitful technical discussion with the authorities requesting IMF-supported programs. There had been several layers of discussions covered through recent economic along with financial developments in Sri Lanka looking for implementing credible along with a coherent set of strategies for restoring macroeconomic stability. This team did welcome authorities planning to engage in some collaborative dialogue for their creditors there. It has been expected that the IMF team will then support Sri Lanka's effort for overcoming the current economic program through engagement with another version of stakeholders for supporting some timely resolution to the crisis basis.

Sri Lankan economy has a huge belief that the IMF will support their upliftment, to overcome the current set of economic crisis by working closely with the authorities for their economic set of programs through the engagement of all stakeholders who lies within the support of timely resolution of the crisis there itself. They certainly have ample layers which have to be played with the phase there itself. So, this team welcomed various authorities who would be planning for engagement within the collaborative dialogue with their creditors too.

What so happened to the country there, what so ever had been the reason for today's downfall - it is no doubt that they should have been properly managed and well kept. But now since, the losses are already been borne by the nation and citizens living in it, it is a waste to cry over the spilled milk. Even IMF should bear liability there itself for the loss that has been incurred there. But, things don’t end there and there is some kind of acceptance there itself.

International Monetary Fund should at least be accountable and prove that its existence would be a boon for any nation's economy, not just for their upliftment but with the parental role too. Because, when in crisis, there has to be some sort of resemblance through which the major impacts would be accounted for. What would be the major things that such associations and their objective would cover - if they won't be able to contribute to the Sri Lankan stand – has to be well answered through this case. Because, being a member of such an association, there should be an assurance that there is someone to look after upon necessity and when required too. Only then, the value of IMF would be realized and felt by the nation as a whole.