Sri Lanka seeks IMF, Indian help to find ‘billions of dollars’ stashed abroad

COLOMBO (EconomyNext) – Sri Lanka will seek assistance from the International Monetary Fund, World Bank and Reserve Bank of India track down wealth of key persons hidden abroad, a minister said.

Cabinet spokesman Rajitha Senaratne said they had information that people in high positions had hidden "billions of dollars" in foreign accounts.

The new adminsitration had also appointed a high powered minsiterial committee to probe alleged financial misdeeds and corruption of the ousted Rajapaska regime.

Sri Lanka lacked the expertise to track down such assets and agencies such as the IMF, World Bank was needed to get expert help, he told reporters in Colombo.

Experts from the financial intelligence unit of the RBI had also helped India’s Modi administration track down foreign assets, he said. But only a fraction of the suspected funds had actually been found, he said.

Power minister Patali Ranawaka said in according to calculations by the Moratuwa University academics recent road projects were inflated by 200 billion rupees and money projects had been siphoned away from such projects.
 

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