By TON Sri Lanka

Sri Lanka and the International Monetary Fund (IMF) have reached an initial agreement on an emergency relief loan to the financial disaster-hit country and a formal announcement has been made on Thursday in this regard. The island nation is struggling desperately with its worst economic crisis which is severe and grave in its nature in more than seven decades, had sought up help to $3 billion from the IMF.

The IMF and the Sri Lankan government did not instantaneously showed the details of the agreement. Staff-level agreements are classically subject to the consent of the IMF management and its executive board, after which the recipient nations get access to funds.

A visiting IMF team held meetings with Sri Lankan government officials, including the treasury secretary, late into the night on Tuesday to remove the concerns on the political front. Most of the technical details had been agreed to earlier.

The country of 22 million was plunged into political crisis last month when then president fled after a popular rebellion against an acute shortage of basic goods and souring prices. As the former president was replaced by six-time prime minister who is also now the of head finance department and held several rounds of discussions with the IMF team.

It is a great news and a big relief for Lanka. Through this way Sri Lanka can gradually increase the exports and put some limits on needless imports for the time being. IMF and EU would have taken into thought that for this disaster-hit country. The current president is also trying to bring about a religious harmony in different segments and races of the Sri Lankan society in a bid to steer the country out of the current crisis.

The IMF disbursements for future is possible only once the IMF agree upon restructuring of the Sri Lankan debts with creditors. It is everybody’s guessing what are social and economic cost are going to be. There is hardly any time and space for us now as we are at very bad wicket with creditors.

If parameters extend beyond critically needed reforms in the negotiations with creditors economic and social cost is enormous or may be unthinkable for Sri Lanka society. The government should stop the euphoria and prepare masses for difficult time that is ahead of them. Nobody give money free, Sri Lankans need patience and work hard to help finishing this economic crisis.

IMF puts conditions it is for a valid reason in face of misuse of loan money in Sri Lanka. A good and committed government is the need of hour for monetary control, religious harmony human rights, etc.

IMF must have done some kind of staff level process improvement by the government to help Sri Lanka to get out of the economic disaster and to increase the financial benefits reaching anyone to make their pockets filled. Strict measures and management accountability must be a priority for getting a national goal.

Today, Sri Lanka needs honest educated political and economic team decent team to work consistently for prosperity and well-being of the nation. It is just the start of a long and hard journey. If the Sri Lanka follow the roadmap than hopefully future generations will benefit out of it.

It is also anticipated that IMF will supervise and audit every cent of the loan. As the corrupt norms and malpractices are routine matters in Sri Lanka. However, the present president is being blamed for protecting and maintaining the bunch of thieves, who caused this miserable situation. A permanent political harmony is mandatory for the future of the country and its younger generation.