Connect with us

International

Sri Lanka begs IMF for urgent financial assistance

Published

on

Impoverished Asian Island country Sri Lanka, on Monday, made a request to the International Monetary Fund (IMF), for urgent financial assistance, according to the country’s finance minister, Ali Sabry.

The request, according to Sabry, was being considered by the global lender after an initial reluctance to assist the country.

A delegation headed by Sabry has already kicked off formal talks with the IMF in Washington, DC, for a programme the government hopes will help top up its reserves and attract bridge financing to pay for essential imports of fuel, food and medicines.

Read also: Sri Lanka govt closes embassy In Nigeria, others over $26bn debts

“The foreign minister made a request for a Rapid Financing Instrument (RFI) to mitigate the current supply chain issues, yet initially is IMF of the view that it doesn’t meet their criteria,” Sabry’s aide Shamir Zavahir said on Twitter.

“However, India subsequently made representations on an RFI for Sri Lanka as well and IMF may consider this request due to the unique circumstances.

“The IMF appears to be positive towards granting an extended fund facility, a longer facility of up to four years with easier, and longer, repayment terms.

“Ideally if this can be expedited, it can help stabilise things in the short term till long-term solutions kick in,” Zavahir added.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

TEST

Investigations