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"We think that the exchange rate adjustment was a step in the right direction and should help support Sri Lanka's export competitiveness and safeguard its reserves over the medium term," Koshy Mathai, Sri Lanka's IMF Resident Representative told Reuters via e-mail. Sri Lankan President Mahinda Rajapaksa, acting in his capacity as finance minister, proposed a 3 percent devaluation with immediate effect to help exporters and cut import costs, while giving his 2012 budget presentation to parliament on Monday.