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Sri Lanka asks IMF to consider providing quick financial support

Demonstrators demand the removal of President Gotabaya Rajapaksa in the Sri Lankan capital Colombo. (Photo: AP)

Protests broke out in Sri Lanka when this island nation is facing the Economic Crisis Severely affected by the COVID-19 epidemic, the government’s inefficient financial management and high fuel prices have reduced foreign exchange reserves.

A delegation led by Sri Lanka’s Finance Minister Ali Sabry began formal negotiations with the IMF in Washington on April 18 on a financial assistance program. The Sri Lankan government hopes that the IMF’s support package will help increase foreign exchange reserves and attract bridge financing, thereby helping the country pay for the import of fuel, food and essential medicines. feebleness.

“(The Secretary of State) made a request for the Rapid Financing Instrument (RFI) to mitigate existing supply chain problems, but the IMF initially argued that it did not meet the criteria of the IMF. them,” assistant finance minister of Sri Lanka Sabry, Shamir Zavahir said on Twitter. “However, India subsequently advocated for an RFI for Sri Lanka and the IMF may consider this request due to exceptional circumstances.”

Sri Lanka asked the IMF to consider providing quick financial support - Photo 1.

People protest in front of the Parliament Building in Colombo, Sri Lanka, on April 18. (Photo: Bloomberg)

Earlier this April, Mr. Sabry confirmed that Sri Lanka was seeking $3 billion worth of financial support in the coming months from multiple sources, including the IMF, World Bank and India to avert the crisis. .

Last week, Sri Lanka’s central bank said it was suspending payments on some foreign debt pending restructuring.

In the Sri Lankan capital Colombo, demonstrations demanding the resignation of President Gotabaya Rajapaksa have been going on for more than a week.

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