The South Asian country is grappling with its worst financial crisis in decades and needs to unlock a $2.9 billion IMF loan that was agreed to in September.
Hanke, who was previously economic advisor to former U.S. President Ronald Reagan, was also skeptical whether the IMF bailouts will help Sri Lanka's crisis-stricken economy in the long term. He pointed out that the country has gone to the fund several times cap in hand for relief.
In September, the IMF outlined a series of steps that it wanted Sri Lanka's government to implement prior to loan approval, which included "We received the letter of financial assurance from Exim Bank of China last night. Accordingly, on the same night, I and the Governor of the Central Bank signed the letter of agreement and forwarded it to the IMF. Now our duties are done,""I hope that before the end of this month, by the fourth week, the IMF will do its duty."
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