Answering questions on the proposed assistance from the IMF, Mr Mahendran, who earlier held discussions with a team of the IMF, told The Hindu that he was hoping to get between $ 1 billion and $ 1.25 billion. But, “the amount is not so important. Once we have an agreement [with the IMF], the World Bank, ADB [Asian Development Bank], Japanese and German aid agencies will kick in. They are waiting for the IMF agreement. That’s the gateway.”

Over three years, the country could then “collectively and easily” mobilise $ 5 billion. This could be used to fund private entrepreneurs, he said. “We will kick off a fairly sustainable growth path, where we move away from excessive funding on government projects and over reliance on public sector to create jobs and keep the economy growing.”

(thehindu.com)