IMF deal and the miles to go View(s):There can always be a slip between a verbal agreement and a formal one, but by all accounts, the long-awaited, eagerly anticipated International Monetary Fund (IMF) bailout for Sri Lanka seems a fait accompli. The proposed law will do away with the Monetary Law Act that was established to govern all the functions of the Central Bank. Little does it know that not all Central Banks are apolitical. Is the IMF trying to create mini-IMF offices in countries like Sri Lanka independent of sovereign, elected Governments through these new-look Central Banks? How independent would such a Central Bank be from the IMF will surely be a moot point.
Source: Sunday Times March 12, 2023 07:18 UTC