Sri Lanka, Aug. 19 -- A country's reserves are not the only yardstick to measure the economy. A claim has been made that Sri Lanka's reserves are insufficient. Foreign reserves represent a fluctuating role. They change from time to time based on prevailing conditions, Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando told Parliament.Maldives News

"In 2023, even when the International Monetary Fund (IMF) was estimating the reserves we should maintain, they rapidly reduced the targets they had originally set. We released these reserves for various economic measures. For example, in 2023, there were no estimates for vehicle imports.

Since we allowed for them,US $ 3.5 billion worth of Letters of Credit (LCs...