April 20, 2022
2 mins read

IMF lauds steps taken by Lanka to stabilise economy

The IMF has assured its fullest support, and a positive response has also been received to expedite the process to strengthen the support extended to Sri Lanka…reports Asian Lite News

The International Monetary Fund (IMF) has commended the steps already taken by Sri Lanka to stabilise its economy, the Sri Lankan Finance Ministry said in a press release here on Tuesday.

The ministry said Finance Minister Ali Sabry met IMF Managing Director Kristalina Georgieva on Monday at the IMF headquarters, Xinhua news agency reported.

The IMF has assured its fullest support, and a positive response has also been received to expedite the process to strengthen the support extended to Sri Lanka, according to the press release.

Sabry also requested a Rapid Financing Instrument (RFI) and the IMF has subsequently informed him that India had also made representations on behalf of Sri Lanka for an RFI.

The Sri Lankan government decided last week to suspend repayment of all debts for an interim period till it has an orderly and consensual debt restructuring programme supported by the IMF.

India has also appealed to the IMF on behalf of Sri Lanka, according to the statement. Sitharaman further affirmed to Sabry that India will support the Sri Lankan request to speed up an Extended Fund Facility from IMF.

“Sitharaman has assured Minister Ali Sabry on India’s fullest support to Sri Lanka to move forward and has emphasized on India’s commitment to strengthen the development of the economy in Sri Lanka and building stronger bonds between the two Nations as they move forward together,” the statement noted.

Meanwhile, IMF chief has appreciated India’s help to Sri Lanka in tackling its economic crises while assuring Finance Minister Nirmala Sitharaman that the financial institution would continue to actively engage with the island nation.

Sri Lanka is now facing its worst economic crisis since gaining independence in 1948. The recession is attributed to foreign exchange shortages caused by a clampdown on tourism during the COVID-19 pandemic. It left the country unable to buy enough fuel, with people facing an acute scarcity of food and basic necessities, heating fuel, and gas.

The economic situation has led to huge protests with demands for the resignation of Prime Minister Mahinda Rajapaksa and President Gotabaya Rajapaksa.

ALSO READ: India backs Lanka, bats for IMF bailout

Previous Story

UAE implementing new methodology for govt action

Next Story

UAE continues supporting Afghan people

Latest from -Top News

Industry Hails India-UK FTA

£34 billion boost, sweeping tariff cuts and market access mark UK’s most ambitious post-Brexit trade pact; Indian sectors set for exports surge…reports Asian Lite News Business leaders from both India and the

India, UK Sign Landmark FTA

The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers….reports Asian Lite News In a landmark moment for India-UK

Farmers Win Big in India-UK FTA

There is a massive gain for rural India and exporters with zero duty on processed foods compared with up to 70 per cent earlier….reports Asian Lite News The India-UK Free Trade Agreement

Modi-Starmer Meet Ahead of FTA Signing

During the discussions, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP)…reports Asian Lite News Prime Minister Narendra Modi on Thursday called on Keir Starmer at the

Hindu Temple Vandalised in Melbourne

Confirming the incident, Victoria Police mentioned they are investigating “four linked incidents in Boronia,” including the temple and two restaurants….reports Asian Lite News In a deeply disturbing incident of racial violence, a
Go toTop

Don't Miss

Row deepens as Lanka defers arrival of Chinese ‘spy vessel’

China’s Foreign Ministry spokesman, Wang Wenbin told reporters on Monday

Lanka to join RCEP

President Ranil Wickremesinghe said that Sri Lanka will work closely