IMF will support Sri Lanka’s efforts to conquer current crisis: Official
BRAND-NEW DELHI: The International Monetary Fund (IMF) will support Sri Lanka’s efforts to conquer the existing economic crisis by working closely with the authorities on their economic program, and by engaging with all other stakeholders for a prompt resolution of the crisis, a leading authorities has stated.
During the 2022 IMF and World Bank Spring Meetings in Washington, D.C., IMF managing director Kristalina Georgieva and other senior members of IMF management satisfied with a Sri Lankan delegation, led by Finance Minister Ali Sabry and Reserve Bank of Sri Lanka governor Nandalal Weerasinghe, and discussed policy actions to address economic challenges.
The IMF group for Sri Lanka held initial technical discussions on an IMF-supported programme with the delegation. Masahiro Nozaki, mission chief for Sri Lanka, stated, “During April 18– 22, the Sri Lankan delegation and the IMF team had worthwhile technical conversations on the authorities’ ask for an IMF-supported programme. The discussions covered current economic and financial developments in Sri Lanka, the requirement for implementing a reliable and meaningful strategy to restore macroeconomic stability, and the significance of more powerful social safeguard to reduce the negative effect of the present financial crisis on the bad and susceptible,” Nozaki said in a statement.
He said the IMF team invited the authorities’ strategy to take part in collaborative discussion with their financial institutions.
Sabry is leading a group that is negotiating a bailout bundle from the IMF. Sri Lanka has suspended repayment of financial obligation, including bonds and government-to-government borrowings, pending the bundle. The island nation needed to repay loans worth $7 billion this year. The extreme recession has actually activated social discontent in the nation and authorities have prompted nations for assistance.
India has pitched for an urgent monetary assistance from the IMF for Sri Lanka, which has sought $4 billion in multilateral assistance to help conquer the severe financial tension.
Released at Sat, 23 Apr 2022 18:08:46 +0000