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Message: <blockquote data-quote="lkdood" data-source="post: 12785818" data-attributes="member: 92282"><img src="http://t3.gstatic.com/images?q=tbn:ANd9GcT4-Hs7tKvteZjpOLVPRG1n5mt3BMv0H_fyO0GzQF8DWS_BDDil" alt="" class="fr-fic fr-dii fr-draggable " style="" />The UNP yesterday charged that the country would face dire economic  consequences if it went ahead with another IMF loan of US$500 million as  a security arrangement which the government had requested for recently.UNP MP Eran Wickremaratne said this in response to a statement by  International Monetary Cooperation Senior Minister Sarath Amunugama who  said on Wednesday that the government would begin negotiations for  another IMF loan. He said that the government would have to beg on its knees and hope that  it would receive a loan of US$500 million from the IMF for if not the  economy would fall apart. Wickremaratne said that the country’s budget deficit was widening  further, the Balance of Payments was on the decline and that the  devaluation of the rupee showed that the economy would face more  setbacks. He said that countries such as Spain, Portugal and Greece did not do IMF  transactions as they had their own economic policy. However the  government had made Sri Lanka heavily dependant on the IMF partnership. “It is not surprising that the government is requesting for another  loan. The government’s policy is very much IMF driven. The Central Bank  always paints a pretty picture but the reality is that the situation in  the country is further deteriorating,” Wickremaratne said. DM</blockquote>

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