Speaking on the sidelines of the meeting of the World Bank (WB) and the International Monetary Fund (IMF) in Washington, US, Sri Lankan Finance Minister Ali Sabri said that negotiations with the Indian side are ongoing. favorable.
Earlier, India said it had provided another loan of $ 1 billion to support the island nation’s economy, which was in severe crisis. The $1 billion line of credit is expected to help the Sri Lankan government control food prices and fuel costs.
The Central Bank of Sri Lanka is also hoping to secure another $2 billion loan from international donors. According to Sri Lanka’s Finance Minister Ali Sabri, the coming months will be difficult for the country.
Last week, the Sri Lankan government temporarily suspended all payments on its foreign debt until it reached a debt restructuring agreement with the IMF. Sri Lanka is experiencing the most serious economic crisis since independence in 1948. The impact of the Covid-19 pandemic and economic management mistakes have resulted in high public debt and foreign exchange reserves. of Sri Lanka fell into exhaustion.
Lack of foreign currency to import goods and fuel makes Sri Lanka fall into a situation of scarcity of gasoline and consumer goods and food.
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