"Imports have fluctuated to an unparalleled degree and from a macro economic perspective however useful imports are, they have to be financeable," said Koshy Mathai, IMF's resident representative in an address to a business gathering here.
In order to reduce the financing need, Mathai said the country should encourage a softer exchange rate regime and enhance exports.
As a petroleum importing country Sri Lanka must find ways to finance the increased prices of petroleum, he added.
Current account deficit occurs when a country's total imports of goods, services and transfers is greater than the country's total export of goods, services and transfers.
Having faced a widening trade deficit, Sri Lanka as part of reforms started devaluing its currency in November 2011.
The Sri Lankan rupee has depreciated by around 18 per cent since then.
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The central bank has forecast 7.2 per cent economic growth this year, after revising it down in March from an original 8 per cent. Growth last year was at a record 8.3 per cent.