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Sri Lanka seeks emergency financial help from IMF

Punjab Tribune Bureau | April 19, 2022 04:55 PM

COLOMBO: Sri Lanka, which is going through an unprecedented economic crisis, has sought emergency financial help from the IMF. Negotiations are also going on on the bailout package of the Sri Lankan government. However, before giving financial assistance to Sri Lanka, the IMF will also talk to India.

Sri Lanka's Finance Minister Ali Sabri is present in Washington along with officials to discuss financial assistance from the IMF. The Ministry of Finance of Sri Lanka said, "The IMF has appreciated the steps taken by the Finance Minister so far in mitigating the economic crisis of the country."

In the past, Sri Lanka had made several defaults one after the other on its foreign debt. Sri Lanka announced last Tuesday that it would default on its $51 billion debt. China accounts for about 36 per cent of Sri Lanka's external debt.

Sri Lanka is facing the biggest economic crisis since its independence. In the country, people suffering from shortage of food products, gas, oil and other essentials and heavy power cuts have taken to the streets. All ministers of the Sri Lankan government have stepped down. Many MPs have also left the side of President Gotabaya Rajapaksa.

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