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Part 5: Errors of Judgement, IMF, and Potential Solutions to Avoid Bankruptcy -A candid study and an action plan Economic and social development for Sri Lanka – By Professor Sunil J. Wimalawansa Consequences of IMF loans: Under IMF-imposed policies, Sri Lanka has witnessed the dramatic deterioration of many local industries.  Sri Lanka had sold off its profitable public sector enterprises such as the Tire Corporation, Sugar Corporation, Milk-food Corporation, Air Lanka (which used to be Sri Lanka’s national airline), Ceylon Transport Board, and textile factories at Tulhiriya and Veyangoda.  Due to multiple reasons, the partnership of Air Lanka, Sri Lanka’s national airline with Emirates, miserably failed.  It did not economically affect Emirates, but Sri Lankan airline went down the drain—our assets. It has been reported that these state-owned enterprises were sold to the local and foreign private sectors for a fraction of their value based on commissions earned.  Subsequently, in ...