Former Deputy Leader of the United National Party and Member of Parliament, Ravi Karunanayake, has raised concerns over what he describes as contradictory statements made by the International Monetary Fund (IMF) in relation to Sri Lanka’s economic recovery.
Speaking to the media, MP Karunanayake emphasized that while the IMF was originally established to support global trade and economic development, it now appears to be advising Sri Lanka against providing tax concessions to certain groups — a stance he views as inconsistent with its founding objectives.
“The fundamental principle of the IMF is to promote international trade. Yet, it is now discouraging countries like Sri Lanka from offering tax incentives that could attract investment and boost exports,” he said.
The MP further noted that Sri Lanka, currently facing bankruptcy, can only overcome its debt crisis by earning foreign exchange through export-driven growth. He stressed that encouraging investment is critical to this strategy.
However, Karunanayake criticized the IMF for taking a rigid position against offering tax concessions and other incentives to investors, warning that such a policy could hinder the country’s economic recovery and discourage much-needed foreign direct investment.
