Sri Lanka’s finance minister met with visiting mission from the International Monetary Fund (IMF) this week, to discuss the Sri Lanka’s economic state ahead of the government budget in November.

The meeting comes after reports that Sri Lanka will look to borrow $4 billion from the IMF to help tackle a widening balance of payment deficit.

Finance Minister Ravi Karunanayake said that the meeting was “routine” saying that,

“IMF comes on a normal routine but we have very clearly told them that we will decide as to how the government will run”.

“We are a professional government and we were only exchanging ideas… So they have come to help us, not we help them,” he added.

The minister also stated that “nothing” has been proposed by the IMF for Sri Lanka’s upcoming budget.

The Sundaytimes.lk that previously reported that Sri Lanka’s new government will have to impose austerity measures, increase taxes, reduce welfare programmes and cut subsidies to state owned enterprises to sustainably help tackle a widening balance of payment deficit crisis.

Earlier this year, the IMF rejected a $4 billion bailout request by Sri Lanka’s finance minister. 

See more in our earlier posts:

Sri Lanka to reapply for $4 billion IMF bailout amidst deficit anxiety (30 Aug 2015)

Economic policy and stability of Sri Lanka's coalition remain unclear - Fitch Ratings (19 Aug 2015)

IMF 'objected' to Hillary Clinton intervention on Sri Lanka in 2009 (07 Jul 2015)

Sri Lanka’s fiscal deficit cause for concern – IMF (06 May 2015)

IMF to cooperate with Chinese-led AIIB (23 Mar 2015)

IMF rejects fresh bailout for Sri Lanka (05 Mar 2015)

Sri Lanka finance minister meets with IMF, World Bank (20 Feb 2015)