Washington: The International Monetary Fund has assured help to people in debt Sri Lanka In its efforts to mitigate the current economic crisis and termed the initial discussions with the delegation led by the country’s Finance Minister Aliq Sabari As in “fruitful”.
Sri Lanka has been reeling from an unprecedented economic turmoil since its independence from Britain in 1948.
The crisis is partly due to a lack of foreign exchange, which means the country cannot pay for imports of staple foods and fuels, leading to acute shortages and very high prices.
Sabri and his delegation, which included the Governor of the Central Bank, Nandlal Wirasinghe, are currently WashingtonWhere he held technical discussions for the IMF-backed programme.
The Sri Lankan delegation and the IMF team held fruitful technical discussions on the officials’ request for an IMF-backed program. The discussions included recent economic and financial developments in Sri Lanka and a way to restore macroeconomic stability, the IMF said in a statement on Saturday. Includes the need to implement a reliable and consistent strategy.
Sri Lanka needs at least $4 billion to deal with its escalating economic crisis, and is in talks with Sabari world Bank and for financial aid to countries such as China and Japan.
“Going forward, the IMF team will support Sri Lanka’s efforts to address the current economic crisis by working closely with the authorities on its economic program and with all other stakeholders to support a timely resolution of the crisis,” the statement said. will support.” ,
The Washington-based international lender also welcomed the Sri Lankan government’s plans to negotiate with creditors.
On 12 April, Sri Lanka suspended its debt service for the first time in its history.
“The IMF team welcomes the authorities’ plan to engage in cooperative dialogue with their creditors,” it said.
On Saturday, India has agreed to extend an additional $500 million line of credit to help Sri Lanka import fuel.
India has already agreed to defer $1.5 billion in import payments that Sri Lanka is required to make to the Asian Clearing Association.
New Delhi has also extended the tenure of the $400 million swap awarded in January this year, the Indian High Commission said on Friday.
On Saturday, Sri Lankan President Gotabaya Rajapaksa said the beleaguered country welcomed investment, technology transfer and financing for its stability efforts and cooperation for debt restructuring to support economic recovery during this critical time.
Last week, the Sri Lankan government said it would temporarily default on $35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to pay foreign creditors.
Sri Lanka has witnessed massive anti-government protests in recent weeks as it faces food shortages, rising fuel prices and major power cuts due to an unprecedented financial crisis.
Sri Lanka has been reeling from an unprecedented economic turmoil since its independence from Britain in 1948.
The crisis is partly due to a lack of foreign exchange, which means the country cannot pay for imports of staple foods and fuels, leading to acute shortages and very high prices.
Sabri and his delegation, which included the Governor of the Central Bank, Nandlal Wirasinghe, are currently WashingtonWhere he held technical discussions for the IMF-backed programme.
The Sri Lankan delegation and the IMF team held fruitful technical discussions on the officials’ request for an IMF-backed program. The discussions included recent economic and financial developments in Sri Lanka and a way to restore macroeconomic stability, the IMF said in a statement on Saturday. Includes the need to implement a reliable and consistent strategy.
Sri Lanka needs at least $4 billion to deal with its escalating economic crisis, and is in talks with Sabari world Bank and for financial aid to countries such as China and Japan.
“Going forward, the IMF team will support Sri Lanka’s efforts to address the current economic crisis by working closely with the authorities on its economic program and with all other stakeholders to support a timely resolution of the crisis,” the statement said. will support.” ,
The Washington-based international lender also welcomed the Sri Lankan government’s plans to negotiate with creditors.
On 12 April, Sri Lanka suspended its debt service for the first time in its history.
“The IMF team welcomes the authorities’ plan to engage in cooperative dialogue with their creditors,” it said.
On Saturday, India has agreed to extend an additional $500 million line of credit to help Sri Lanka import fuel.
India has already agreed to defer $1.5 billion in import payments that Sri Lanka is required to make to the Asian Clearing Association.
New Delhi has also extended the tenure of the $400 million swap awarded in January this year, the Indian High Commission said on Friday.
On Saturday, Sri Lankan President Gotabaya Rajapaksa said the beleaguered country welcomed investment, technology transfer and financing for its stability efforts and cooperation for debt restructuring to support economic recovery during this critical time.
Last week, the Sri Lankan government said it would temporarily default on $35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to pay foreign creditors.
Sri Lanka has witnessed massive anti-government protests in recent weeks as it faces food shortages, rising fuel prices and major power cuts due to an unprecedented financial crisis.